Apple is setting up a $1 billion fund for advanced manufacturing initiatives in the US, CEO Tim Cook has announced. He revealed the fund while speaking on CNBC's Mad Money program. That money will be invested in US manufacturing jobs.
More information about the program is going to be revealed later in the month. For now, Apple says it hopes to cause a "ripple in the pond" with the fund that'll spur domestic job creation.
Because if we can create many manufacturing jobs around, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them,- Cook
Apple has picked a company to invest the money in, but it's not releasing that information right now.
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