Biden's CHIPS Act Draws Momentum; IBM Earmarks $20B In Hudson Valley Region Over The Decade
Today U.S. President Joseph R. Biden, Jr. and International Business Machines Corp (NYSE: IBM) Chair and CEO Arvind Krishna will tour IBM's Poughkeepsie, New York site.
During the visit, IBM will announce a plan to invest $20 billion across the Hudson Valley region over the next ten years.
The investments will help to expand the vibrant technology ecosystem in New York to unlock discoveries and opportunities in semiconductors, computers, hybrid cloud, artificial intelligence, and quantum computers.
Krishna said, "As we tackle large-scale technological challenges in climate, energy, transportation, and more, we must continue to invest in innovation and discovery - because advanced technologies are key to solving these problems and driving economic prosperity, including better jobs, for millions of Americans."
The technology that IBM delivers today from Poughkeepsie will directly benefit from the CHIPS and Science Act that the President recently signed into law.
It will ensure a reliable and secure supply of next-generation chips for today's computers and artificial intelligence platforms and fuel the future of quantum computing.
Micron Technology, Inc (NASDAQ: MU) looks to invest up to $100 billion over the next 20 years to construct a new mega fab in Clay, New York.
Price Action: IBM shares traded lower by 1.24% at $124.18 on the last check Thursday.
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
