Apple CEO Tim Cook told CNBC’s Jim Cramer that the company will pump $600 billion into the United States economy over the next four years through a massive manufacturing expansion, and said no shareholders are objecting.
Tim said the money will go into new and existing factories, workforce development, and local partnerships that will affect nearly 80 sites across the U.S.
“We can’t be everywhere,” Tim said. “I wish we could, but we are putting $600 billion to work in the next four years. And so it is an extraordinary commitment. And there’s 79 factories across the U.S. that will benefit from this.”
Tim said some communities that aren’t yet aware of Apple’s plans will be surprised to find out they’ll be receiving new facilities. He also said he hopes this scale of investment triggers a domino effect, pushing other companies to follow Apple’s lead and open more U.S.-based factories in the same areas.
Tim confirms Corning gets $2.5 billion for iPhone glass
During the interview, Tim also highlighted Apple’s recent $2.5 billion commitment to Corning, the Kentucky-based firm that supplies the glass used in iPhones and Apple Watches. The money will go toward expanding Corning’s glass production facility.
“It’s a great start, and a very important one, because the glass is something you interface with all the time,” Tim said. This makes the Kentucky plant a key piece of Apple’s domestic hardware pipeline.
He added that Apple plans to grow its partnerships with several semiconductor manufacturers based in the U.S., including Taiwan Semiconductor, Texas Instruments, and Applied Materials. The company had previously said it would work with all three to help scale chip production locally, and this latest announcement puts those partnerships into sharper focus.
Aside from money and machines, Tim said Apple is also involved in training the workers that will eventually run these new and upgraded facilities. He confirmed that Apple has launched a “Manufacturing Academy” in Detroit as part of its workforce development strategy.
According to Tim, the company wants to help small and mid-sized businesses while also sharing its training programs with community colleges to create a wider talent pool.
Investors silent on $600 billion, as Tim says “not one complaint”
When Jim Cramer asked if any Apple investors had voiced concern over the size of the domestic spend, Tim said flat-out that they hadn’t.
“I think most of our shareholders believe that we’re in the best position to make these type of decisions,” Tim said. “I haven’t gotten a single complaint about the $600 billion.” He added that he believes shareholders are happy the company is investing in America rather than sending money elsewhere.
The timing of this announcement overlaps with a major foreign policy event that will massively impact the tech industry: Donald Trump’s second state visit to the UK as sitting President.
The visit, scheduled for this Wednesday, will include ceremonial events like a carriage tour, a state banquet, a military flypast, and a gun salute, all coordinated by the British government.
As part of this trip, the U.S. and UK are expected to finalize technology and civil nuclear energy agreements, with trade still hanging over the visit. The British side is still hoping to resolve outstanding issues around U.S. steel tariffs as part of a broader economic deal.
Before Trump’s arrival, UK officials announced $1.69 billion in U.S. investment from several American firms including PayPal and Bank of America.
Two of the biggest names in artificial intelligence, Nvidia and OpenAI, are also expected to confirm new investments in the UK during the visit. U.S. private equity firm Blackstone plans to commit 100 billion pounds into UK assets over the next 10 years, as part of a $500 billion Europe-wide package.
Another U.S. company, CoreWeave, which provides cloud computing infrastructure, also confirmed it would announce new UK-based investments this week. British Prime Minister Keir Starmer’s office said a delegation of UK officials will be in Washington on Monday to finalize the visit details and trade commitments tied to Trump’s state trip.
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Source: https://www.cryptopolitan.com/tim-cook-apple-investors-600-billion-america/
