Apple announces multibillion-dollar agreement with Broadcom for components made in US


CNN
 — 

Apple on Tuesday announced a multibillion-dollar agreement to develop 5G radio frequency and wireless connectivity components in the United States.

The company said it is partnering with US-based manufacturer Broadcom for the components, which will be designed and built in several American manufacturing and technology hubs, including Fort Collins, Colorado, where Broadcom operates a facility.

“All of Apple’s products depend on technology engineered and built here in the United States, and we’ll continue to deepen our investments in the US. economy because we have an unshakable belief in America’s future,” Apple CEO Tim Cook said in a press release.

The exact sum of the deal was not disclosed.

The effort is part of a larger commitment Apple

(AAPL) made in 2021 to invest $430 billion in the economy through 2026. Apple

(AAPL) said it is on track to meet its goal, following direct spending with American suppliers, data center investments and capital expenditures.

In 2018, Apple initially committed $350 billion to build new facilities and create 20,000 jobs, but later increased that number to $430 billion, noting it “significantly outpaced” its pledge.

The move also comes as Apple continues to bet on 5G technology. Apple introduced 5G to the iPhone in 2020 and has since released other 5G-enabled devices, including the Apple Watch Series 7 and iPad Pro.