Apple is launching a $1 billion fund to spur advanced manufacturing in the U.S.

Apple CEO Tim Cook announced Wednesday that the company plans to invest $1 billion to help develop advanced manufacturing capabilities in the U.S.

"We asked ourselves, 'How can we get more people to do advanced manufacturing in the United States?," Cook said in an appearance on CNBC's Mad Money show. "And I'm proud to tell you that we're creating an advanced manufacturing fund. We're initially putting $1 billion in the fund."

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