Tim Cook announces $1 billion investment in “advanced” US manufacturing

Ars Technica:

Apple plans to create a $1 billion fund to invest in “advanced manufacturing” jobs in the United States. CEO Tim Cook made the announcement last night in a CNBC interview with Mad Money host Jim Cramer, and he says that Apple plans to announce its first investment later this month. Cook wants the new fund to create a “ripple effect” in the job market—he says that the manufacturing jobs created directly by the fund will also create service jobs needed to support them.

“Advanced manufacturing” is a bit vague, but generally speaking, it’s an umbrella term that encompasses creating technologically advanced products or improving the processes by which those products are created.

Apple doesn’t say exactly what “advanced manufacturing” is but I’m betting it means chip fabrication. Apple is going to make its own silicon in the US.