IBM lays down $20 billion investment program when Joe Biden visits

IBM announced plans to invest $20 billion over the next decade during a visit by President Joe Biden to the company’s Poughkeepsie, New York campus yesterday.

According to a White House official, the investment will go to research and development and manufacturing of semiconductors, mainframe technology, artificial intelligence and quantum computing in the Hudson Valley.

IBM builds mainframe computing systems on the campus, which also houses the company’s first Quantum Computation Center, one of the largest concentrations of quantum computing.

The trip is the latest by Mr. Biden in support of the Chips and Science Act, which provides $52 billion to bolster domestic semiconductor research and development.

Mr. Biden signed the measure into law in August to reduce reliance on Asian semiconductor suppliers such as Taiwan and South Korea, whose domestic companies lead the market, and to alleviate supply chain disruptions that push up the prices of goods.

IBM has promoted key elements of Mr. Biden’s legislative agenda.

IBM Chairman Arvind Krishna attended the signing ceremony in August, and the company lobbied for the passage of a bipartisan infrastructure bill that would provide funding for broadband deployment.

Mr. Krishna accompanied Mr. Biden on yesterday’s tour.

With less than five weeks to go until the November midterm elections, Mr. Biden has intensified his trip to tout victories in legislation including the semiconductor subsidies and the Inflation Reduction Act — the Democrats’ climate, tax and health care packages.

The president did a chip victory lap during a visit to Ohio last month when he attended the groundbreaking ceremony for an Intel semiconductor fab just outside of Columbus.

Mr Biden said the law would bring semiconductor manufacturing critical to national security back to the US and help curb inflation, which remains a political obligation for Democrats.

IBM’s announcement follows Tuesday from Micron Technology, which said it would invest up to $100 billion over the next 20 years to build a factory in upstate New York to boost domestic production of memory chips. Europe is also building plants.

https://www.independent.ie/business/world/ibm-sets-20bn-investment-programme-as-joe-biden-visits-42046797.html IBM lays down $20 billion investment program when Joe Biden visits

Fry Electronics Team

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