The company has increased its expenditure goals by 20%, pledging an additional $80 billion to focus on 5G and job creation
Apple is demonstrating its commitment to its home market this week with an announcement that it will increase its previous spending plans by $80 billion over the next five years, aiming to create jobs and boost the US technology market.
Previously, the US tech giant had announced plans to spend $350 billion between the 2018–2023 period, promising that this investment would create 20,000 more jobs within the country. Now, the company has raised that budget by 20%, for a total investment of $430 billion over the next five years, as well as doubling their job creation goals over the same period.
This expenditure covers both Apple’s direct investments, as well as other spending with suppliers and content creation.
Of this new investment, tens of billions will reportedly be invested in “silicon development and 5G innovation”, following the launch of Apple’s first 5G-compatible handset late last year.
“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,” said Tim Cook, Apple’s CEO. “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.”
But the figurehead of this new investment plan will be the creation of a new campus and engineering hub in North Carolina costing $1 billion, set to focus on various areas such as AI, machine learning, and software engineering. Beyond this, the company will also be expanding its existing US sites, including those in California, Colorado, and Washington.
Apple is already in the process of creating a similar $1 billion campus in Austin, Texas, which began construction in 2019 and is set to become operational next year.
Yesterday, Apple reported record revenue for the March quarter, earning $89.6 billion, up 54% year-on-year, with iPhone sales seemingly accounting for a large part of the boost.
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