Apple will invest $1 billion into the world's largest technology venture fund (AAPL)

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January 4, 2017 9:05 PM

Apple will invest $1 billion into the SoftBank Vision Fund, a spokesperson told Business Insider.

Apple CEO Tim Cook

The fund will be the world's largest technology venture fund if it hits its $100 billion goal.

"Apple is planning to invest $1 billion in SoftBank's Vision Fund. We've worked closely with SoftBank for many years and we believe their new fund will speed the development of technologies which may be strategically important to Apple," Apple spokesperson Josh Rosenstock told Business Insider.

Apple is joining investors such as Saudi Arabia's government fund, which is expected to plow $45 billion into the $100 billion fund. SoftBank has said it will contribute $25 billion. Softbank confirmed that Apple intends to invest in the fund, and other investors include Foxconn, Oracle cofounder Larry Ellison, and Qualcomm.

Japanese tech conglomerate SoftBank, which owns wireless carrier Sprint among other holdings, is expected to use the fund to invest in technologies like artificial intelligence.

In December, president-elect claimed credit in US

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