You are here: Home » International » News » Companies
IMF should issue new reserves to help countries tackle crises: Civil groups
Elon Musk, Twitter spar over request to halt site's lawsuit on eve of trial
Business Standard

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

IBM | Investment | New York



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

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

"This 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.

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 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Fri, October 07 2022. 06:53 IST