Apple announces multibillion-dollar deal for US-made 5G components | CNN Business

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

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

“All Apple products rely on technology designed and built here in the United States, and we will continue to deepen our investments in the U.S. economy because we have an unwavering belief in America’s future,” said Apple’s CEO, Tim Cook, in a press release.

The exact sum of the settlement 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 , after direct spending with US suppliers, data center investments and capital expenditures.

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

The move also comes as Apple continues to push for 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.