AAPL Stocks Rise After Apple Announces 20K Jobs, Billions In Investments

Apple stock spiked on Wednesday after the company announced it plans to add 20,000 jobs in the U.S. over the next five years, as well as billions in investment.

Apple shares were priced at $179.06 as of Wednesday afternoon, up by 1.63 percent. The new price continued the upward trend the company has seen throughout 2017 and into 2018.

Apple New Campus, Jobs In US

Apple claims it will add more than $350 billion to the U.S. economy over the next five years.

The Cupertino company said it plans to spend $30 billion in capital expenditures in the U.S over the next five years, which will add more than 20,000 new American jobs at existing campuses, as well as a new campus. Apple currently employs 84,000 people in the U.S., the additional jobs will bring the number over 100,000. Apple said it will open up a campus at a new location, which will be announced later this year. The company said the facility will house tech support for customers.

Apple also said it will invest $10 billion in data centers across the country alone.

Apple also announced it will increase the size of the Advanced Manufacturing Fund from $1 billion to $5 billion. The fund, which supports American manufacturers, is already backing plans in two states. Last month, Apple announced an investment in American manufacturer Finisar through its fund. Finisar builds the components found in the TrueDepth camera on the iPhone X. The money Apple invested in the manufacturer will be used to open up a facility in Texas, which will hire 500 employees. The plant is set to start shipping in the second half of this year.

Apple To Repatriate Overseas Cash Under New Trump Tax Law

Apple said its capital expenditures, new investments in U.S. manufacturing and repatriation of overseas cash will account for about $75 billion of the company’s direct contribution to the country’s economy. The company expects to pay $38 billion to repatriate its overseas funds under President Donald Trump’s new tax law. Apple did not say exactly how much cash it will bring back to the U.S., but it did say it was a “record tax payment.” The figure Apple announced implies it will repatriate nearly all of its $250 billion overseas cash.

“Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy,” CEO Tim Cook said in a released statement. “We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible.”