Biden Hails IBM's Plans to Invest $20 Billion in Visit to NY




  • In World
  • 2022-10-06 18:47:00Z
  • By Bloomberg
 

(Bloomberg) -- President Joe Biden touted IBM Corp.'s plans to invest $20 billion over the next decade in New York, saying it could make the region a hub for quantum computing and resulted from legislation he signed to boost US research and development.

Most Read from Bloomberg

  • Nord Stream Leaks Caused by Detonations in Sign of Sabotage

  • Trump Says US Agency Packed Top-Secret Documents. These Emails Suggest Otherwise.

  • Kremlin Lets State Media Tell Some Truths About Putin's Stalling War

  • Musk's Twitter Takeover Hits Snag Over Debt-Financing Issue

  • Stocks Slide With Anxiety Running High Before Jobs: Markets Wrap

"The Hudson Valley could become the epicenter of the future of quantum computing, the most advanced and fastest computing ever, ever seen in the world," said Biden on Thursday during a visit to the IBM campus in Poughkeepsie, New York. "It's technology that is vital to our economy, and equally important to our national security."

IBM's investments will go toward research and development and manufacturing involving semiconductors, mainframe technology, artificial intelligence and quantum computing. IBM builds mainframe computer systems at the campus, which also houses the company's first Quantum Computation Center, one of the largest concentrations of quantum computers.

Biden, accompanied by IBM Chairman Arvind Krishna, met with workers during his visit and was shown a quantum computer. Biden was also joined on the visit by New York Governor Kathy Hochul and Representatives Sean Patrick Maloney and Patrick Ryan.

"I believe the reason why companies like IBM are choosing to build in America is because we're better positioned globally than we have been in any time in a long time," said Biden, touting the Chips and Science Act, which provides $52 billion to bolster domestic semiconductor research and development.

Biden signed the measure into law in August, part of an administration effort to reduce dependence on Asian suppliers of semiconductors like Taiwan and South Korea, whose homegrown companies are leading the market, and to ease supply-chain disruptions that raised prices for goods.

With less than five weeks until the November midterm elections, Biden has been stepping up his travel to tout legislative victories, including the semiconductor subsidies and the Inflation Reduction Act -- the Democrats' climate, tax and health-care package.

Read more: Micron Plans to Invest Up to $100 Billion in NY Chip Factory

IBM has promoted key elements of Biden's legislative agenda. Krishna attended the August chips bill signing ceremony and the company lobbied lawmakers to pass a bipartisan infrastructure bill that includes funding to build out broadband networks.

The IBM announcement follows one on Tuesday from Micron Technology Inc., which said it plans to invest as much as $100 billion over the next 20 years to build a factory in upstate New York to boost domestic production of memory chips.

Most Read from Bloomberg Businessweek

  • The Massive Gas Field That Europe Can't Use

  • Even After $100 Billion, Self-Driving Cars Are Going Nowhere

  • 'I Am Energy': Inside the Bang Billionaire's Reeling Empire

  • Millions in Cryptocurrency Vanished as Agents Watched Helplessly

  • Musk Won't Own Twitter Until the Shareholders Get Paid

©2022 Bloomberg L.P.

COMMENTS

More Related News

Newt Gingrich warns Republicans that Joe Biden is winning the fight
Newt Gingrich warns Republicans that Joe Biden is winning the fight

Former speaker who led charge against Bill Clinton raises eyebrows with column heralding Democrat's first-term success

Thailand Says Most Institutional Investors Must Pay Stock Tax
Thailand Says Most Institutional Investors Must Pay Stock Tax

(Bloomberg) -- Most institutional investors in Thailand won't be exempted from a tax levied on stock transactions that will resume next year after more than ...

Elon Musk attacks Twitter
Elon Musk attacks Twitter's prior leaders by refocusing attention on the GOP's favorite target: Hunter Biden and his laptop

Musk's hyped the reporting of an independent journalist who had access to internal Twitter emails about the company blocking of a New York Post article about...

Argentina
Argentina's $44 Billion IMF Deal Gets Latest Staff Approval Seal

(Bloomberg) -- Argentina reached an agreement with staff from the International Monetary Fund on the third review of its $44 billion program even as the...

AT&T to Pay $6 Million to SEC Over Private Calls to Analysts
AT&T to Pay $6 Million to SEC Over Private Calls to Analysts

(Bloomberg) -- AT&T Inc. agreed to pay a $6.25 million penalty to settle an unusual lawsuit by federal regulators claiming its executives selectively...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: World