In order to promote US research and development, President Joe Biden praised IBM Corp.’s intentions to invest $20 billion in New York over the following ten years. He said that this investment may turn the city into a center for quantum computing.
Investments made by IBM will support production, research, and development in the fields of quantum computing, artificial intelligence, mainframe technology, and semiconductors. At the facility, where IBM also has its first Quantum Computation Center, one of the greatest concentrations of quantum computers, the corporation manufactures mainframe computer systems.
During his visit, Arvind Krishna, the chairman of IBM, accompanied Vice President Joe Biden, who visited with employees and saw a quantum computer. Governor Kathy Hochul of New York and Congressmen Sean Patrick Maloney and Patrick Ryan also accompanied Biden on the trip.
In an effort to lessen reliance on Asian semiconductor suppliers like Taiwan and South Korea, whose domestic businesses are driving the market, and to mitigate supply-chain disruptions that increased product prices, Biden signed the legislation into law in August.
Less than five weeks remain until the November midterm elections, so Biden has increased his trip to highlight legislative accomplishments like the semiconductor subsidies and the Inflation Reduction Act, the Democrats’ bundle of climate, tax, and healthcare legislation.
Important parts of Biden’s legislative agenda have been advocated by IBM. Krishna was present for the signing of the August chips bill, and the business pressed Congress to approve a bipartisan infrastructure measure that includes money for expanding broadband networks.
The Micron Technology Inc. statement, which stated it planned to invest up to $100 billion over the next 20 years to establish a facility in upstate New York to increase domestic manufacture of memory chips, was followed by the one from IBM on Wednesday.
