Apple is expanding spending in the U.S. and announced plans Monday to build its first East Coast campus, in North Carolina.
The iPhone maker is boosting U.S. spending to $430 billion over the next five years and doubling its hiring plans by 20,000 jobs. It had said it would spend $350 billion in January 2018, just after Congress approved a big tax overhaul that cut corporate taxes.
Apple says it is stepping up investment as the U.S. begins rebuilding from the COVID-19 pandemic. The company for years has emphasized its role in the U.S. economy to help counter criticism about its reliance on overseas factories, often taking advantage of local tax breaks.
Apple will invest $1 billion in North Carolina and the campus, in the Raleigh-Durham area’s Research Triangle Park, is expected to bring at least 3,000 new jobs to the state in machine learning, artificial intelligence, software engineering, and other fields.
The exact timeline for the project was not immediately given.
“This is an important milestone that strengthens our position as a tech hub," said Michael Haley, Executive Director of Wake County Economic Development.
Apple also said it plans to establish a $100 million fund to support schools and community initiatives in the Raleigh-Durham area and contribute more than $110 million in North Carolina infrastructure spending.
The company is also expanding its teams in Colorado, Massachusetts, Texas, Washington, New York, California, and other states.
Venmo will soon have accounts for teenagers ages 13-17 but they will have to follow a set of rules, with parents or guardians opening accounts on their behalf under their own accounts.
Rory Harvey, General Motors' incoming North American president, joined Cheddar News to discuss GM's foray into the rapidly-changing electric vehicle market along with what lies ahead. "It's a very dynamic time in the automotive industry," he said. "If you look to the transformation across the EVs, it's happening and it's happening at a pace."
Ford Motor laid out some financial expectations and specific growth objectives for its electric vehicle line at an investors' event on Monday. John Lawler, chief financial officer of Ford Motor Co., joined Cheddar News to explain what lies ahead for the automaker.
Teenagers will officially be allowed to open a Venmo account with their parent's permission, the company said Monday, expanding the popular social payments app to an age demographic that is likely to embrace it almost immediately.
Stepping up a feud with Washington over technology and security, China's government on Sunday told users of computer equipment deemed sensitive to stop buying products from the biggest U.S. memory chipmaker, Micron Technology Inc.
