U.S. President Joe Biden holds a virtual meeting with business leaders and state governors to debate supply chain problems, particularly addressing semiconductor chips, on the White House campus in Washington, March 9, 2022.
Jonathan Ernst | Reuters
President Joe Biden on Thursday will tout IBM Corp’s plans to take a position $20 billion in Recent York over the following decade in development and manufacturing of semiconductors, mainframe technology, artificial intelligence and quantum computing.
The announcement is the newest in a string of investments unveiled since Biden signed the Chips and Science bill in August that funded $52 billion to subsidize semiconductor chips manufacturing and research.
The administration says hefty subsidies for personal businesses are crucial because China and the European Union had been awarding billions in incentives to chip corporations.
Biden has sought to capitalize on the investment announcements ahead of next month’s midterm congressional elections. Last month, he traveled to Ohio to talk at the location of Intel Corp’s planned $20 billion semiconductor manufacturing facility.
On Tuesday, Micron Technology said it might invest as much as $100 billion over the following 20-plus years to construct a semiconductor fabrication facility in Recent York that is anticipated to create nearly 50,000 jobs, with the primary phase investment of $20 billion planned this decade.
White House National Economic Director Brian Deese on Twitter called the Micron investment “a big win for US economic & national security” and “a part of a deliberate, long run industrial strategy that may bolster U.S. competitiveness, & increase our long-term productive capability.”
Biden will visit IBM’s Poughkeepsie, Recent York, site home to of the most important concentrations of quantum computers and will probably be joined by Chief Executive Arvind Krishna.
IBM said it plans to make its Poughkeepsie site “a worldwide hub of the corporate’s quantum computing development, just because it is today for mainframes.” IBM didn’t provide an in depth breakdown of its $20 billion investment plans.
IBM said chips funding “will ensure a reliable and secure supply of next-generation chips for today’s computers and artificial intelligence platforms.”