Apple has made a major investment into a laser company operating a factory in North Texas.
The $390 million investment announced Wednesday comes from Apple's $1 billion Advanced Manufacturing Fund, created to finance the work of domestic manufacturers and create jobs in the U.S.
Apple announced the creation of the fund in May and plowed $200 million into Corning Inc., the maker of the Gorilla Glass that is used in Apple's touchscreens.
The Finisar investment will help the company boost production of vertical-cavity surface-emitting lasers, which Apple uses for Face ID, Animoji and Portrait mode selfies with the iPhone X TrueDepth camera and the proximity-sensing capabilities of AirPods.
Finisar will open a manufacturing plant in Sherman, Texas, about an hour north of Dallas, creating more than 500 jobs. Finisar runs a plant in Allen, just outside of Dallas.
On Monday, Apple revealed that it had acquired Shazam. That company makes the song-recognition app that Apple's digital assistant Siri has already been using to help people identify the music playing on their iPhones.
The investment announced Wednesday is a huge lifeline for Finisar. The company's stock had tumbled nearly 40 percent this year after putting up disappointing numbers in its past two quarters.
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Shares of Finisar Corp. leapt almost 30 percent at the opening bell.
