ExclusiveApple Plans $500 Billion in US Investment in Next 4 Years

Apple said on Monday it would spend $500 billion in U.S. investments in the next four years. The money will fund a giant factory in Texas for artificial intelligence servers and 20,000 research and development jobs across the country in that time. It is also expected to cover spending on everything from purchases from U.S. suppliers to filming of television shows and movies for its Apple TV Plus service. Apple declined to say how much of the figure it was already planning to spend in the country. The move comes after media reports that Apple CEO Tim Cook met President Donald Trump last week. Many of Apple's products that are assembled in China could face 10 percent tariffs imposed by Trump earlier this month, though the iPhone maker had secured some waivers from China tariffs in the first Trump administration. One analyst tells Reuters this is a political gesture toward the Apple made a similar announcement about its U.S. spending plans in 2018 during the first Trump administration. Trump in a Truth Social post thanked Apple and Cook, saying the move reflected the company's faith in his administration. Shares of Apple were up fractionally in late morning trading.