• Apple’s announcement comes after President Donald Trump said he met with the company’s CEO Tim Cook

preCharge News BUSINESS — Apple is committing $500 billion to the U.S. economy in a historic initiative, the company announced on Monday, marking “an extraordinary new chapter in the history of American innovation.”

Apple’s 11-figure commitment will roll out over the next five years. It will involve building an advanced AI server manufacturing factory near Houston, as well as doubling the company’s Advanced Manufacturing Fund from $5 billion to $10 billion.

The tech giant also plans to establish an Apple Manufacturing Academy in Detroit, as well as hire 20,000 new employees with focuses on research and development, silicon engineering, artificial intelligence and machine learning.

“This new pledge builds on Apple’s long history of investing in American innovation and advanced high-skilled manufacturing, and will support a wide range of initiatives that focus on artificial intelligence, silicon engineering, and skills development for students and workers across the country,” the company said in a statement.

“And we’ll keep working with people and companies across this country to help write an extraordinary new chapter in the history of American innovation.”

The announcement comes two days after President Donald Trump alluded to the tech giant’s plans, saying that the company planned to invest “hundreds of billions of dollars” in the United States.

“Yesterday I had Tim Cook in the office from Apple. He’s investing hundreds of billions of dollars,” Trump said at a White House gathering on Friday. “That’s what he told me. Now he has to do it.”

Associated Press, CBS News, Fox News, and preCharge News contributed to this report.