IBM is planning to invest $20 billion in New York


On Thursday, IBM Common Stock/ International Business Machines Corporation said that it intends to make investments totaling $20 billion in the Hudson Valley area in New York state over the course of the next ten years.

The announcement was made at the same time as Vice President Joe Biden’s visit to the computing company’s site in Poughkeepsie, which is located in the state. The administration is attempting to promote industrial and technological investment in the United States in advance of the midterm congressional elections that will take place the following month.

IBM Investment

IBM (NYSE:IBM) did not disclose any details about its planned investments but stated that semiconductors, computers, hybrid cloud, artificial intelligence, and quantum computers are some of the areas of focus for the company’s future investments.

“The company’s aim is for Poughkeepsie to become a global core of the firm’s quantum computing research,” the company said in a statement on Thursday. “Just as it is today for mainframes, IBM sees Poughkeepsie being a global hub for the development of quantum computing.”

In an effort to strengthen U.S. competition in the face of China’s expanding presence in the industry, President Biden gave the Chips and Science Act his signature in August, making it a law. The act includes around $52 billion to be used for the promotion of the manufacturing of microchips.

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About the author: Valerie Ablang is a freelance writer with a background in scientific research and an interest in stock market analysis. She previously worked as an article writer for various industrial niches. Aside from being a writer, she is also a professional chemist, wife, and mother to her son. She loves to spend her free time watching movies and learning creative design.