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Apple to create $1 billion U.S. advanced manufacturing fund, CEO says

Apple CEO Tim Cook waves at the end of an Apple media event in Cupertino, California, U.S. October 27, 2016. REUTERS/Beck Diefenbach

SAN FRANCISCO (Reuters) - Apple Inc Chief Executive Officer Tim Cook said the iPhone maker plans to create a $1 billion fund to invest in advanced manufacturing companies in the United States.

Speaking on CNBC, Cook said the Cupertino, California company will announce the first company it plans to invest in later in May. Cook also said Apple plans to fund programs that could include teaching people how to write computer code to create apps, and will release more details about the effort this summer.

(Reporting by Stephen Nellis; Editing by Chris Reese)