WASHINGTON Reuters President Biden will mention IBM Corp's plans to invest $20 billion in New York over the next decade in development and manufacturing of semiconductors, mainframe technology, artifical intelligence and quantum computing.
The announcement was the latest in a series of investments unveiled since Biden signed the Chips and Science bill in August, which funded $52 billion for semiconductor chip manufacturing and research.
The administration says subsidies for private businesses are necessary because the European Union and China have been awarding billions of dollars in incentives for chip companies.
Biden tried to capitalize on the investment announcements ahead of the midterm congressional elections next month. He traveled to Ohio last month to speak at Intel Corp's planned $20 billion semiconductor manufacturing facility.
Micron Technology plans to invest up to $100 billion over the next 20 plus years to build a semiconductor fabrication facility in New York that will create nearly 50,000 jobs, with the first phase investment of $20 billion planned this decade.
The Micron investment is a significant win for American economic national security and part of a long-term industrial strategy that will increase U.S. competitiveness and increase long-term productive capacity, according to White House National Economic Director Brian Deese on Twitter. Biden will visit IBM's Poughkeepsie, New York site, home to the largest concentrations of quantum computers, and will be joined by Chief Executive Arvind Krishna.
IBM plans to make its Poughkeepsie site a global hub of the company's quantum computing development, just as it is today for mainframes. IBM didn't provide a detailed breakdown of its $20 billion investment plans.
IBM said chips funding would ensure a reliable and secure supply of next-generation chips for today's computers and artificial intelligence platforms.