By George Glover

Apple has outlined plans to spend half a trillion dollars to boost its manufacturing capacity in the U.S., just days after CEO Tim Cook met with President Donald Trump.

The iPhone maker said Monday that it would invest more than $500 billion and hire around 20,000 people over the next four years. Its plans include building a new factory in Houston to support its Apple Intelligence artificial intelligence system and opening a manufacturing academy in Detroit.

CEO Tim Cook, who met with Trump at the White House Thursday, said the spending spree would "help write an extraordinary new chapter in the history of American innovation."

Apple stock dropped after the announcement, suggesting investors might be less-than-impressed with the details. Shares were down 1% in early trading, compared with a 0.6% rise in futures tracking the benchmark S&P 500 index.

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February 24, 2025 07:08 ET (12:08 GMT)

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