Apple said Tuesday it is awarding key supplier Corning with $250 million from the company's $5 billion Advanced Manufacturing Fund, designed to invest in U.S.-based companies that make parts for the company.
Why it matters: The move aims to help Corning with the massive R&D expense of coming up with ever stronger glass to go on the outside of the iPhone, Apple Watch and other products. The latest deal comes on top of $200 million Apple put into Corning in 2017.
What they're not saying: Apple isn't saying exactly how the deal is structured, but it is part of a much broader relationship in which Apple and Corning work together on glass and billions of dollars change hands.
The bottom line: People talk about making iPhones in the U.S., but that's unlikely to happen. There are real iPhone manufacturing jobs in the U.S., but they are at suppliers like Corning.
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