IBM announces $20 billion investment in New York for high-tech projects

Arvind Krishna, CEO of International Business Machines announced a $20 billion investment in quantum computing, semiconductor manufacturing and other high-tech areas in its New York state facilities

Arvind Krishna, chief executive officer of International Business Machines (IBM) on Thursday (local time) announced a USD 20-billion investment in quantum computing, semiconductor manufacturing and other high-tech areas in its New York state facilities.

"We are proud to announce that IBM is pledging to invest $20 billion across the region," the IBM CEO while addressing workers said at the Poughkeepsie, New York plant. He was joined by US President Joe Biden at the event.

"This investment includes breakthroughs in semiconductor technology, mainframe computers, quantum computers and artificial intelligence," Krishna said.

The announcement is the latest in a string of investments unveiled since Biden signed the Chips and Science bill in August that funded USD 52 billion to subsidize semiconductor chips manufacturing and research, as per CNBC.

IBM earlier said in a statement that it will announce a plan to invest USD 20 billion across the Hudson Valley region over the next 10 years.

The goal of the investments, which will be strengthened by close collaboration with New York State, is to expand the vibrant technology ecosystem in New York to unlock new discoveries and opportunities in semiconductors, computers, hybrid cloud, artificial intelligence and quantum computers, as per the statement.

"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," Krishna 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," he said.

As per the statement, IBM has long called New York state home, and its business supports more than 7,500 jobs across the Hudson Valley.