Apple's Billion Dollar Fund Found Its First Recipient - Apple (NASDAQ:AAPL)

Apple Inc.AAPL

's CEO Tim Cook

told CNBC's Jim Cramer in an interview in early May his company created an advanced manufacturing fund with an initial investment of $1 billion.

The Billion Dollar Fund

The purpose of the fund is to "ripple the pond" and help create manufacturing jobs. Cook delivered on his promise at the time to detail the first investment within weeks and did so on Friday.

According to a CNBC report, Apple will invest $200 million in Corning Incorporated GLW, a member of Apple's supply chain that manufactures glass substrates for flat panel LCDs. Apple selected Corning in part because it has proven to be a supplier that continued to innovate. News of Apple's investment sent shares of Corning higher by around 1 percent to $29.08 on Friday and traded as high as $29.25. According to TechCrunch, Apple's selection of Corning is "logical" given the decade-long relationship between the two companies. In fact, Apple is responsible for pushing Corning to create the chemically strengthened glass now included in the iPhone and became the gold-standard for nearly every smartphone maker.

The relationship between Apple and Corning has already created and sustained nearly one thousand jobs.

"This partnership started 10 years ago with the very first iPhone, and today every customer that buys an iPhone or iPad anywhere in the world touches glass that was developed in America," CNBC quoted Apple Chief Operating Officer Jeff Williams as saying. "We're extremely proud of our collaboration over the years and we are investing further with Corning who has such a rich legacy of innovative manufacturing practices."

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