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Apple Pledges $1B to Boost US ‘Advanced Manufacturing’

Apple is bringing more of its manufacturing efforts to the US.

During a Wednesday interview with CNBC "Mad Money" host Jim Cramer, Apple CEO Tim Cook said the Cupertino tech giant has been thinking about how it can get more people in the US to do "advanced manufacturing."

"I'm proud to tell you that we're creating an advanced manufacturing fund," Cook said. "We're initially putting $1 billion in the fund."

Cook added that Apple already talked to "a company" — which he did not name — about this plan. Apple plans to announce the first investment from this fund later this month.

"By doing that, we can be the ripple in the pond," Cook said. "If we can create many manufacturing jobs … those manufacturing jobs create more jobs around them, because you have a service industry that builds up around them."

Meanwhile, Apple has already created 2 million jobs in the US, Cook said. He added that Apple is "not satisfied," however, with the number of jobs it's created here so far.

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"You can bet we're going to be hiring thousands of employees in the future, thousands more employees in the future," Cook said.

The new pledge comes after Cook in November spoke with then president-elect Donald Trump, who asked the Apple CEO to bring more of its manufacturing back to the US. Trump said he promised Cook and other tech companies incentives for manufacturing stateside, including "a very large tax cut for corporations." According to Trump, Cook responded with "I understand that."

Steve Jobs in 2011, however, reportedly scoffed at the idea of bringing iPhone production to the US when asked by President Obama what it would take to make that happen. "Those jobs aren't coming back," Jobs said at the time.

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