Apple Creating $1 Billion Fund For Investment In Advanced Manufacturing In USA
Seemingly in anticipation of further automation of many industries, Apple has announced that it will be creating a new $1 billion investment fund to be used to support US-based companies performing “advanced manufacturing,” the company’s CEO, Tim Cook, recently revealed.
Photo by iphonedigital (some rights reserved)
The comments were framed as being an example of how Apple is creating/supporting US jobs, it should be noted, but it’s hard to take that angle too seriously considering that “advanced manufacturing” more or less means “less work for humans.” Presumably, the news is related to the company’s self-driving vehicle plans, but who can say for sure at this point?
The Apple CEO made the comments in an interview with CNBC, where he also revealed that the first investment related to the new fund would be announced sometime in May. He also made comments about programs to teach people to write code.
“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,” Reuters notes. Going on:
“In February during the company’s annual shareholder meeting, Cook said Apple spent $50 billion in 2016 with its US suppliers, which include firms like 3M Co and Corning Inc, the first time Apple has disclosed the metric.
“Cook reiterated that point during the CNBC interview, along with Apple’s claim that it has created 2 million jobs in the United States, 80,000 of which are directly at Apple and the rest coming from suppliers and software developers for the company’s app ecosystem.
“Apple is highlighting its US presence at the same time lawmakers consider a major tax proposal by Trump that would let Apple, along with other large companies, bring back accumulated profits from overseas at potentially lower tax rates. 93% percent of Apple’s $256.8 billion cash is held overseas.”
Interestingly, Cook alluded to the fact that, if this tax proposal goes through, the cash for the new $1 billion investment fund could come from that … otherwise the company will “have to borrow,” Cook stated.
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