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"We're announcing it today. So you're the first person I'm telling," Cook told "Mad Money " host Jim Cramer on Wednesday. "Well, not the first person because we've talked to a company that we're going to invest in already," he said, adding that Apple will announce the first investment later in May.
The fund comes as President Donald Trump has made bringing back manufacturing jobs a big part of his agenda, and it fits into Apple's larger effort to create jobs across its spectrum, from its own employees to app developers to its suppliers.
As advanced manufacturing jobs are in high demand in the U.S., the sector was already high on Apple's list of priorities, and Cook hopes the investment will spur even more job creation.
Watch the full segment here:
"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," the CEO said.
Apple has already created two million jobs in the United States, and Cook showed no signs of shrinking the tech giant's reach.
"A lot of people ask me, 'Do you think it's a company's job to create jobs?' and my response is [that] a company should have values because a company is a collection of people. And people should have values, so by extension, a company should. And one of the things you do is give back," Cook said.
"So how do you give back? We give back through our work in the environment, in running the company on renewable energy. We give back in job creation."
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