Apple announced on Monday that it will invest over $500 billion in the United States over the next four years and add 20,000 new employees, with President Donald Trump immediately attributing the announcement to himself.
The Silicon Valley-based company stated it was its "largest-ever spend commitment," which comes as tech companies compete fiercely in the development of artificial intelligence technology.
US President Trump stated that his administration was responsible for the investment, despite his previous efforts to encourage US companies to relocate their manufacturing operations back to the country.
"The reason, faith in what we are doing, without which, they wouldn't be investing ten cents. Thank you Tim Cook and Apple!!!" Trump wrote in capital letters on his Truth Social platform.
Apple stated that its 20,000 new recruits would primarily concentrate on research and development, silicon engineering, software development, and artificial intelligence and machine learning.
The company plans to open a new manufacturing facility in Houston, Texas, in 2026. This facility will be used to assemble servers that are crucial for powering Apple's AI products, as stated in the company's plans. The new facility is expected to generate thousands of new job opportunities.
An Apple Manufacturing Academy is also planned for Detroit, which will "help companies transition to advanced manufacturing."
"We are optimistic about the future of American innovation, and we're pleased to expand on our existing US investments with this $500 billion commitment to our country's future," said Apple's CEO Tim Cook in a statement.
Apple's suppliers are already manufacturing silicon in 24 factories located in 12 different states, such as Arizona, Colorado, Oregon, and Utah.
Boosting spending
In January, Cook described Apple's "best quarter ever" as it earned $36.3 billion in quarterly profits.
The Americas generated $56.2 billion in revenue for Apple, representing its largest market. Europe also demonstrated significant growth, producing $33.9 billion in revenue.
The company aims to entice customers to purchase the latest iPhone models through its enhanced artificial intelligence capabilities.
Along with Apple, other major tech companies such as Google, Microsoft, and Amazon believe that generative AI's capabilities represent the next significant development in computing, and are increasing their spending to avoid falling behind.
The announcement was made on Monday, days after Trump claimed that Apple plans to invest "hundreds of billions of dollars" in the US, touting the success of his tariff policy in stimulating the American economy.
President Trump stated that additional companies intended to make greater investments in the United States, although he did not provide any specific company names.
The Republican president has utilized tariffs - customs duties on imported goods - as a trade tool, imposing a 10 percent tax on goods from China and threatening to impose them on products including semiconductors, cars, and pharmaceuticals.
His administration claims that the increased costs will prompt companies to produce goods within the US. However, critics contend that tariffs may cause prices to rise for consumers.