St. Pete tech giant to invest $500M in new US facility

St. Petersburg-based technology giant Jabil announced Tuesday morning it is planning to invest about $500 million to support its artificial intelligence and cloud data center infrastructure.

Jabil CEO Mike Dastoor, in a statement, says the multiyear investment is “a key element of our long-term strategy to diversify our commercial portfolio and strengthen Jabil’s presence in the U.S.”

While the announcement is short on exact details, a Jabil spokesperson in an email says that the investment is for a single facility to be built in the Southeast. Jabil is in the final stages of site selection and expects the facility to be fully operational by the midway point of next year. It is an investment over several years, the spokesperson adds.