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Apple to create $1 billion U.S. advanced manufacturing fund

Staff Writer |
Apple plans to create a $1 billion fund to invest in U.S. companies that perform advanced manufacturing, CEO Tim Cook said, the iPhone maker's latest effort to show how it is creating U.S. jobs.

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Apple company will announce the fund's first investment later in May, Cook said during an interview on CNBC.

Cook also said Apple plans to fund programs that could include teaching people how to write computer code to create apps, and will release more details about the effort this summer.

The announcements were the latest in a series of disclosures to highlight how Apple, the world's largest company by market valuation, contributes to job creation in the United States.

Apple came under fire from President Donald Trump during his campaign because it makes most of its products in China.

In February during the company's annual shareholder meeting, Cook said Apple spent $50 billion in 2016 with its U.S. suppliers, which include firms like 3M and Corning, the first time Apple has disclosed the metric.

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