Home / News / World /  IBM CEO announces $20 billion investment in it's New York state facilities

International Business Machines (IBM) has announced an investment of $20 billion in its New York State facilities. The investment was announced by IBM chief executive officer (CEO) Arvind Krishna. The investment will be made in quantum computing, semiconductor manufacturing and other high-tech areas in its New York state facilities.

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

"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.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout