IBM Announces $20 Billion in New Investments in New York State
This is a big week for chip manufacturing in New York. IBM announced Thursday, October 6 that it would spend $20 billion in new investments in the Hudson Valley of its home state over the next ten years. President Biden is expected to join IBM CEO Arvind Krishna to tour the company’s Poughkeepsie, New York, facility and help make the announcement.
According to IBM, the New-York based computing and electronics company already employs more than 7,500 in the Hudson Valley area of the state, which runs from the state’s capital in Albany to just north of New York City, where IBM is headquartered.
In a statement, IBM CEO Arvind Krishna said he was “honored” to host President Biden at the factory and called for more investment in “innovation and discovery.”
The announcement comes two days after Idaho-based Micron Technology Inc. announced it would build a brand-new fabricator in central New York for $100 billion. Billed as the “largest semiconductor fabrication facility in the history of the United States,” Micron says it will start building the mammoth fab in 2024.
IBM’s $20 billion investment, Micron’s super-fab, and Intel's $100 billion fabricator planned for construction in Columbus, Ohio, all expect to take advantage of government funds provided by the CHIPs Act signed by President Biden in August. According to IBM, the October 6 visit from President Biden will “highlight” the act’s “unique opportunity to advance American innovation and manufacturing.”
