On Wednesday, Apple CEO Tim Cook announced that the tech company will be starting a $1 billion fund for creating advanced manufacturing jobs on American soil.

Cook didn’t disclose many details, as the fund was only announced amidst an interview with CNBC’s “Mad Money” host Jim Cramer.

The California-based company already employs 80,000 American citizens – however, Cook confidently said the initiative will create “thousands more” positions. More elaboration on the fund’s creation and the campaign’s timeline will be released incrementally during the coming summer, starting with the company’s first investment announcement near the end of May.

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Apple representatives have insisted that creating more advanced manufacturing jobs has been at the top of their to-do list for a while – and Cook says that he hopes the fund will “spur even more job creation”.

“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,” said Cook in the video below.

(WATCH the video below)

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