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IBM (IBM, $122.23) said it would invest $20 billion across the Hudson Valley region over the next 10 years. The company's goal is to expand the technology ecosystem in New York to unlock new discoveries and opportunities in semiconductors, computers, hybrid clouds, artificial intelligence, and quantum computers. The company did not provide a detailed breakdown of its $20B investment plan.
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President Biden on Thursday touted the company's plan in New York over the next decade in the development and manufacturing of semiconductors, mainframe technology, artificial intelligence, and quantum computing. IBM plans to make its Poughkeepsie site "a global hub of the company's quantum computing development, just as it is today for mainframes."
Why it matters
The Chips and Science Act is the government's new policy to subsidize and encourage semiconductor manufacturing and development. The move is to counter the incentives offered by China and the European Union. Since President Biden signed the $52 billion incentive package, there have been several high-value investments. Like IBM, Micron Technology announced its $100 billion investment plan for the next 20 years.
