Biden to tout IBM’s $20 bln investment in New York over next decade

WASHINGTON, Oct 6 (Reuters) – President Biden on Thursday will tout IBM Corp’s (IBM.N) plans to make investments $20 billion in New York over the next decade in growth and manufacturing of semiconductors, mainframe know-how, manmade intelligence and quantum computing.

The announcement is the newest in a string of investments unveiled since Biden signed the Chips and Science invoice in August that funded $52 billion to subsidize semiconductor chips manufacturing and analysis.

The administration says hefty subsidies for personal companies are essential as a result of China and the European Union had been awarding billions in incentives to chip firms.

Biden has sought to capitalize on the investment bulletins forward of next month’s midterm congressional elections. Last month, he traveled to Ohio to communicate on the web site of Intel Corp’s (INTC.O) deliberate $20 billion semiconductor manufacturing facility.

On Tuesday, Micron Technology (MU.O) stated it might make investments up to $100 billion over the next 20-plus years to construct a semiconductor fabrication facility in New York that’s anticipated to create almost 50,000 jobs, with the primary section investment of $20 billion deliberate this decade.

White House National Economic Director Brian Deese on Twitter known as the Micron investment “a significant win for US economic & national security” and “part of a deliberate, long term industrial strategy that will bolster U.S. competitiveness, & increase our long-term productive capacity.”

Biden will go to IBM’s Poughkeepsie, New York web site dwelling to of the most important concentrations of quantum computer systems and will likely be joined by Chief Executive Arvind Krishna.

IBM stated it plans to make its Poughkeepsie web site “a global hub of the company’s quantum computing development, just as it is today for mainframes.” IBM didn’t present an in depth breakdown of its $20 billion investment plans.

IBM stated chips funding “will ensure a reliable and secure supply of next-generation chips for today’s computers and artificial intelligence platforms.”

Reporting by Nandita Bose and David Shepardson; Editing by Lincoln Feast.

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