Apple Inc. announced Monday morning that it has “accelerated” its investments in the U.S. and plans to build a new campus in North Carolina.
In general, the company intends to make new U.S. investments of $430 billion over five years, Apple AAPL, +0.15% said in a Monday morning release. Apple set out to invest $350 billion over five years starting in 2018 and the company’s “contributions in the US have significantly outpaced” that goal, according to the release.
“Apple is now raising its level of commitment by 20 percent over the next five years,” the company continued, with plans to invest “tens of billions of dollars” in silicon development and 5G,” Apple continued. The company’s “$430 billion in contributions to the US economy include direct spend with American suppliers, data center investments, capital expenditures in the U.S., and other domestic spend.”
The company intends to open a new campus in the Research Triangle area of North Carolina with plans to create at least 3,000 new jobs there that are focused on machine learning, artificial intelligence, software engineering, and other fields. Apple said it intends to support schools and infrastructure in the area through dedicated investments.
The company also pointed to its Apple TV+ business, saying that productions for the streaming service could help spur job growth in various states.
Apple shares have lost 6.2% over the past three months as the Dow Jones Industrial Average DJIA, +0.10% has risen 10%.