Biden Praises IBM’s Plans to Invest $20 Billion in Visit to NY

(Bloomberg) — President Joe Biden addressed IBM Corp.’s plans. Investing $20 billion in New York over the next decade, saying it could make the region a hub for quantum computing came as a result of legislation he signed to support US research and development. .

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“The Hudson Valley could be the center of the future of quantum computing, the highest and fastest computing the world has ever seen,” Biden said Thursday during a visit to the IBM campus in Poughkeepsie, New York. “It is a technology that is critical to our economy, and equally important to our national security.”

IBM’s investments will go towards research and development and manufacturing related to semiconductors, mainframe technology, artificial intelligence and quantum computing. IBM builds mainframe computing systems on campus, which houses the company’s first Quantum Computing Center, one of the largest concentrations of quantum computers.

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

“I believe the reason companies like IBM are choosing to build in America is because we’re in a better position in the world than we’ve been in a long time,” Biden said, studying the CHIPS Act. and Science, which provides $52 billion. to support domestic semiconductor research and development.

Biden signed the measure into law in August, part of an administration effort to reduce dependence on Asian semiconductor suppliers such as Taiwan and South Korea, whose homegrown companies dominate the market, and to cut supply chain disruptions. which moderated rising prices of goods.

With less than five weeks until November’s midterm elections, Biden is stepping up his journey to defeat 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 promoted key elements of Biden’s legislative agenda. Krishna attended the chip bill signing ceremony in August and the company lobbied lawmakers to pass a bipartisan infrastructure bill that includes funding to build out broadband networks.

IBM’s announcement follows Tuesday’s announcement by Micron Technology Inc., which said it plans to invest as much as $100 billion over the next 20 years to build a factory in New York to support domestic production of memory chips.

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