By. Andrea Margolis , Susan Li | Fox Business
Apple is committing $500 billion to the U.S. economy in a historic initiative, the company announced on Monday, marking “an extraordinary new chapter in the history of American innovation.”
Apple’s 11-figure commitment will roll out over the next five years. It will involve building an advanced AI server manufacturing factory near Houston, as well as doubling the company’s Advanced Manufacturing Fund from $5 billion to $10 billion.
The tech giant also plans to establish an Apple Manufacturing Academy in Detroit, as well as hire 20,000 new employees with focuses on research and development, silicon engineering, artificial intelligence and machine learning.