Apple CEO Tim Cook Announces $1B Fund for Advanced Manufacturing Jobs on CNBC's Mad Money

Apple CEO Tim Cook sat down with Mad Money host Jim Cramer this evening, where he discussed Apple's recent earnings results and delved into topics like an upcoming investment fund, the company's plans for television, the iPhone's impact on consumers, and Apple's overall impact on the world.

During the show, Cook said Apple plans to create an advanced manufacturing fund with a $1 billion investment. Apple's first investment, which is already in the works, will be announced later in May.

timcookcnbcmadmoney

By doing that, we can be the ripple in the pond. Because if we can create many manufacturing jobs around, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them.

Cook went on to say that Apple is always looking at new ways to create jobs in the United States, and said the company will "bring things to market" in regard to growing its employee, developer, and manufacturing base. Cook also highlighted the $50 billion Apple spent purchasing from U.S manufacturers over the last year, including sourcing materials from 3M (adhesive) and Corning (iPhone and iPad glass).

Job creation and investment in the developer community was also a focus, and Cook said we can expect to hear more during the summer. When asked specifically if Cook would put money behind empowering the next generation of developers, he said "We would. We will."

On products, some of Cook's most interesting comments covered Apple's services category, which includes the App Store, Apple Music, Apple Pay, iTunes, and iCloud, and its future. Apple plans to double its services category by 2020 with both existing and new services, and Cook said Apple is pursuing opportunities related to television and original programming.

On video in particular, what we see is that the video world has kind of hit an air pocket and where cord cutting has been happening on some kind of basis, we think it's accelerating massively and it's clear what the end story looks like here.

The trajectory is a debate, but we'd like to play in this. Because we do think the best experience for a customer is to view things when they want, the way they want, and have many additional information around what they're watching. Not just the linear TV feed. So yeah, we're working on some original content now, we're learning, and we'll see where this takes us.

On the iPhone 7 and 7 Plus, Cook agreed when Cramer suggested the iPhone was the greatest consumer technology product. "I think the iPhone is the best consumer product ever," he said. "That's what I feel about it. And it's become so integrated, so integral to our lives that you wouldn't think about leaving home without it."

Cook was asked if there's something coming our way that's totally unexpected and will "knock us out," and he of course demurred on an answer, but shared some hints on Apple's areas of interest, including artificial intelligence and augmented reality. "We always are working on an incredible number of things," he said.

I think AI is huge. We use AI in so much of what we do today, but we're going to be able to use it even more in the future because the processing and GPUs are getting so incredible, their capabilities so incredible... so we're going to be able to do a lot more. I don't want to get into details, but there's a lot more there.

AR, I've said in the past, this is something we're really excited about.

Cook covered a much wider range of topics during the interview with Cramer, including reiterating some of the comments he made during yesterday's earnings call about iPhone rumors impacting iPhone 7 and 7 Plus sales, especially in China. Other topics of discussion covered iPhone retention rate, stock valuation, Apple's focus on users, tax reform, the U.S. government, and more.

Excerpts from the interview are available on the CNBC website, here and here.

Tags: Tim Cook, CNBC

Top Rated Comments

xalea Avatar
47 months ago
I keep reading this wondering.. what exactly is he saying? It sounds like a bunch of nothing to me. I went to the CNBC article and it says they're investing in a company for presumably the $1 billion. Okay. And?

Oh but he's "excited" and they're "always working on things." Okay..
Score: 31 Votes (Like | Disagree)
Wayfarer Avatar
47 months ago
I am just going to leave this right here.

Attachment Image
Score: 22 Votes (Like | Disagree)
mstrmac Avatar
47 months ago

Damage control for stock.

No need for damage control. This is the third year I believe that Cook/Cramer did this.

1. Net sales increased 4.63% YOY from $50,557 to $52,896 MM.
2. Gross margin increased 3.36% YOY from $19,921 to $20,591 MM
3. Operating income increased 0.79% YOY from $13,987 to $14,097 MM
4. Other income increased 278% YOY from $155 to $587 MM
5. Net income increased 4.88% YOY from $10,516 to $11,029 MM
6. Earnings per share increased 10.47% YOY from $1.91 to $2.11
7. Cash dividends per share increased 9.62% YOY from $0.52 to $0.57
8. American revenues increased 10.79% from $19,096 to $21,157 MM
9. European revenues increased 10.39% from $11,535 to $12,733 MM
10. Japanese revenues increased 4.77% from $4,281 to $4485 MM
11. Rest-of-Asia revenues increased 20.13% from $3,159 to $3,795 MM
12. Mac unit sales increased 4.09% from 4.034 to 4.199 MM
13. iPhone revenues increased 1.19% from $32,857 to $33,249 MM
14. Mac revenues increased 14.43% from $5,107 to $5,844 MM
15. Services revenues increased 17.53% from $5,991 to $7,041 MM
16. Other product revenues increased 31.25% from $2,189 to $2,873 MM
17. Total product revenues increased 4.63% from $50,557 to $52,896 MM
The only three things that dropped YOY were
1. iPhone unit sales decreased -0.84% from 51,183 to 50,753 MM
2. IPad unit sales decreased -12.96% from 10,251 to 8,922 MM
3. IPad revenues decreased -11.85% from 4,313 to 3,889 MM
Score: 19 Votes (Like | Disagree)
WannaGoMac Avatar
47 months ago
What about more new emoji and watch bands?! That's what everyone is waiting for...
Score: 19 Votes (Like | Disagree)
drumcat Avatar
47 months ago
I hate Steve Jobs comparisons generally, but I feel compelled to ask... think SJ would give Jim $$$$ing Cramer 5 seconds? Nah.
Score: 17 Votes (Like | Disagree)
Denmac1 Avatar
47 months ago

MAKE AMERICA GREAT AGAIN

MAKE APPLE GREAT AGAIN

Sorry, these 'dog & pony shows' don't cut it for me. Steve has been gone for nearly 6 years now. As has been said before, it would have been detrimental to the company if he had not left a road map for future strategy and products as far as he could envision.
I can understand that upon his passings that there was likely some culture shock that probably had internal management in a funk. However, that should all be in the past, as much as many of us miss Steve and his showmanship.
Either Apple decided not to follow his vision or everyone has just been roaming to their own tune & pace, stagnating the company. Tim is a bean counter, not a leader, IMHO, of any type.
I believe its been at least 4 years that Tim has been raving about the great 'pipeline'. We've only seen one new product and the upgrades and updates, based on what I have observed over the years, has greatly declined. There's no one driving the bus........
Score: 16 Votes (Like | Disagree)

Top Stories

m1 chip macbook air pro

Kuo: Redesigned MacBooks With Apple Silicon to Launch in Second Half of 2021

Tuesday November 24, 2020 7:53 pm PST by
Apple plans to release additional MacBook models with Apple Silicon in the second half of 2021, according to analyst Ming-Chi Kuo, as part of the company's two-year transition away from Intel processors across its Mac lineup. In a research note today, obtained by MacRumors, Kuo said that these MacBook models will feature a new design. Kuo did not specify which models these will be, but he...
2020 apple shopping event

Apple Offering Up to $150 Gift Card With Select Products on Black Friday Through Cyber Monday

Monday November 23, 2020 2:53 am PST by
Apple has announced its annual four-day shopping event, offering customers up to a $150 Apple Store gift card with the purchase of select products between Black Friday and Cyber Monday in the United States. The gift card values in the United States are as follows: $150 for 16-inch MacBook Pro $150 for 21.5-inch iMac $50 for 13-inch MacBook Pro $50 for MacBook Air $50 for iPhone SE,...
app store christmas icon

Apple Shutting Down App Store Connect From December 23 to December 27

Monday November 23, 2020 10:14 am PST by
Apple shuts down App Store Connect for a week around the holidays each year in an effort to give App Store staff time off from work. This year, App Store Connect will be unavailable from December 23 to December 27. With App Store Connect unavailable, Apple will not accept new apps or app updates, so all pricing changes and new app submissions need to be locked in before those dates for...
Target November Deals 1

Black Friday Spotlight: Target Begins Week-Long Sale With Deals on iPhone 12, Powerbeats Pro, and More

Monday November 23, 2020 8:07 am PST by
We've been tracking early Black Friday deals in our dedicated Black Friday Roundup, and in an effort to prepare our readers for the big shopping event we're highlighting sales store-by-store in the lead-up to November 27. Note: MacRumors is an affiliate partner with Target. When you click a link and make a purchase, we may receive a small payment, which helps us keep the site running....
mac mini macbook pro macbook air

Apple M1 Hands-On Comparison: MacBook Air vs. MacBook Pro vs. Mac Mini

Monday November 23, 2020 3:40 pm PST by
Apple's M1 Macs are out in the wild now, but ahead of the holidays, you might still be trying to figure out which one to pick up, either for yourself or as a gift for someone else. We've got all three of the new Macs available, so we thought we'd give MacRumors readers a hands-on overview of each machine in our latest YouTube video. Subscribe to the MacRumors YouTube channel for more videos. ...
max tech xcode benchmark m1 macbook

Video Demos Performance Differences Between 8GB and 16GB Apple M1 MacBook Pro

Monday November 23, 2020 2:54 pm PST by
All of the M1 Mac models use the same M1 chip, so the upgrade options are limited to SSD storage space and RAM. We haven't seen many comparisons that demonstrate the difference between a machine with 8GB RAM and the upgraded 16GB RAM option, but Max Tech today shared a video highlighting the performance between an 8GB MacBook Pro and a 16GB MacBook Pro. The video includes a series of...
new mac mini logicpro screen

M1 Macs Able to Run Up to Six External Displays Using DisplayLink

Tuesday November 24, 2020 6:53 am PST by
It is possible to run up to six external displays from the M1 Mac mini, and five external displays from the M1 MacBook Air and MacBook Pro, with the aid of DisplayPort adapters, according to YouTuber Ruslan Tulupov. This far exceeds Apple's specified limits on external displays with the M1 Macs. Apple's host of new M1 Macs are not capable of supporting as many external displays as their...
iPads black friday 20 sale feature

Apple Black Friday 2020: Best iPad Deals

Tuesday November 24, 2020 8:51 am PST by
Although we're still a few days away from the official launch of Black Friday, we've known for a few weeks that many retailers would be kicking off discounts ahead of November 27. Because of this trend, today we're tracking discounts across Apple's lineup of iPads, including the 10.2-inch iPad and 2020 iPad Pro. More sales are likely to appear as the week progresses, and when they do we'll update ...
13 16 inch macbook pro air trio

Reliable Leaker Suggests Redesigned MacBooks in 2021 Will Include Both Apple Silicon and Intel Models

Wednesday November 25, 2020 9:15 am PST by
Reliable leaker known as "L0vetodream" has today suggested on Twitter that redesigned MacBooks coming in the second half of 2021 will include models with both Apple Silicon chips and Intel processors. The brief Tweet came in response to a MacRumors article from earlier today, which outlined a report from Ming-Chi Kuo claiming that Apple plans to release redesigned MacBook models with Apple ...
ipad pro 2020 display

Black Friday Week Kicks Off With Up to $150 Savings on 2020 iPad Pro

Sunday November 22, 2020 2:37 pm PST by
As we head into Black Friday week, we're seeing some of the best deals of the season so far, with Amazon and Best Buy today discounting the latest iPad Pro models by up to $150 at the lowest prices we've ever tracked on these models. Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a purchase, we may receive a small payment, which helps us keep ...