After promising to invest $350 billion in the United States over five years, Apple today upped the investment by 20 percent, to $430 billion.
“At this moment of recovery and rebuilding, Apple is doubling down on our commitment to US innovation and manufacturing with a generational investment reaching communities across all 50 states,” Apple CEO Tim Cook said. “We’re creating jobs in cutting-edge fields — from 5G to silicon engineering to artificial intelligence — investing in the next generation of innovative new businesses, and in all our work, building toward a greener and more equitable future.”
Apple won’t be building its microprocessors and other chipsets in the U.S. anytime soon, but it did lay out a laundry list of ways in which it could contribute to the economy at a time when the firm’s overseas profits and lack of taxes is triggering talk of policy changes. It says it will spend the money on suppliers, data centers, capital expenditures, and even dozens of Apple TV+ productions across 20 states.
One of the more high-profile additions is a new $1 billion investment in North Carolina that will result in a new Apple campus and engineering hub that will create at least 3000 jobs in machine learning, artificial intelligence, software engineering, and the like. Apple said it would also establish a $100 million fund to support schools and community initiatives in the greater Raleigh-Durham area and across North Carolina, with funds that will go toward broadband, roads and bridges, and public schools.
Overall, Apple said its investments should generate over $1.5 billion in economic benefits annually for North Carolina. And that the fact that Epic Games is headquartered in that state is, at best, a coincidence.