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IBM’s $20 billion New York investment hailed by Biden

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IBM’s plans to invest US$20 billion in New York’s Hudson Valley region over the next decade has been praised by US President Joe Biden.

The investment will allow for the development of semiconductors, mainframe technology, artificial intelligence and quantum computing.

“The supply chain is going to start here and end here, in the United States,” Biden said after he visited IBM’s Poughkeepsie site.

The technology that IBM delivers from the site will directly benefit from the CHIPS and Science Act that the President recently signed into law.

The bill includes more than US$52 billion for US companies producing computer chips and will provide tens of billions of dollars to fund scientific research and development to spur the innovation and development of other tech companies in the US.

IBM’s business already supports more than 7,500 jobs across the Hudson Valley region, with the area acting as a hub of innovation and manufacturing for decades.

"IBM is deeply honoured to host President Biden at our Poughkeepsie site today and we look forward to highlighting our commitments to the innovations that advance America's economy," Arvind Krishna, chairman and CEO of IBM said.

"As we tackle large-scale technological challenges in climate, energy, transportation and more, we must continue to invest in innovation and discovery - because advanced technologies are key to solving these problems and driving economic prosperity, including better jobs, for millions of Americans."