Apple signs billion-dollar deal for 5G technology

Apple Tuesday announced that it would be teaming up with Broadcom, a US tech firm, to work on “cutting edge" components related to wireless connections for high-speed 5G telecom networks.

According to Apple, the multi-billion-dollar collaboration between is "part of a commitment to invest in the US economy."

“We’re thrilled to make commitments that harness the ingenuity, creativity, and innovative spirit of American manufacturing,” Apple chief executive Tim Cook said in a statement.

“All of Apple’s products depend on technology engineered and built here in the United States, and we’ll continue to deepen our investments in the US economy because we have an unshakable belief in America’s future,” he continued.

Although the company did not identify how many dollars it has invested into the alliance it said that it will include "designing and manufacturing sophisticated radio frequency components and other “cutting-edge wireless connectivity” parts in the United States," the company said.

“5G technology is shaping the future of next-generation consumer electronics — and Apple is spending tens of billions of dollars to develop this field in the United States,” the company added.

Apple, whose net worth is more than $2 trillion, is currently working "to meet a commitment it made in 2021 to invest $430 billion in the US economy over the course of five years", according to the Silicon Valley technology titan.

It said that money put into data centers, capital projects and suppliers will be counted as part of the investment.