Apple’s most recent investment in the tech industry might come with an additional bonus of getting in the good graces of president-elect Donald Trump.
Apple confirmed this week that it would invest $1 billion in the huge new tech fund from SoftBank Group, the Japanese company, which recently drew the attention of the U.S. president-elect.
An Apple spokesperson said the company has worked with SoftBank for a number of years and believes the new fund will help to increase the velocity of developing technologies, which might be important strategically to Apple.
In October, it was first announced by SoftBank of plans to launch a fund of $100 billion dedicated to investing in the global technology sector. SoftBank at that time committed $25 billion and the sovereign wealth fund of Saudi Arabia invested another $45 billion.
The fund gained more attention however when Masayoshi Son the billionaire founder of SoftBank visited the Trump Tower and said he would pledge another $50 billion to invest in the U.S., with an ultimate goal of creating over 50,000 jobs.
At that time, Trump said that that Son had said he would make the investment of $50,000 billion if Trump won the election.
Son then at a later date said the investment of $50 billion would come from a fund of $100 billion that was announced previously.
The founder of SoftBank framed the large investment in the U.S. as having been driven by the optimism over the impact of promises made by Trump to ease the many regulations on businesses.
However, it could help him to curry favors with the soon to be White House administration if he requires help with any regulatory issues which includes a merger between Sprint, owned by SoftBank and T-Mobile.
Apple has not made an official comment with regard whether the investment will be specifically toward the pledge by Masayoshi to create jobs in the U.S., which is a move that could possibly ease the tensions between Trump and Apple over the tech giant’s manufacturing in China.
Instance, the Cupertino-based company’s focus is capitalizing on the investments in emerging tech categories, which include robotics and artificial intelligence.
Qualcomm, the chip maker, that does business with Apple, is investing as well in the Vision Fund of SoftBank. It said its investment amount would remain confidential and is still being discussed.
SoftBank announced that other high-profile names were planning to invest such as Oracle and Foxconn.