By Ben Otto

 

Technology giant International Business Machines Corp. plans to invest $20 billion across the Hudson Valley region of New York in the next 10 years to boost innovation related to semiconductors, artificial intelligence and quantum computers, among others, it said Thursday.

New York-based IBM said Thursday ahead of a visit by President Biden that it hoped the investment would accelerate the pace of discovery across the region, where the company has long built state-of-the-art mainframes and last year announced the first 2 nanometer chip technology.

"As we tackle large-scale technological challenges in climate, energy, transportation and more, we must continue to invest in innovation and discovery," said Arvind Krishna, the company's chairman and chief executive. "Advanced technologies are key to solving these problems and driving economic prosperity."

Mr. Biden plans to visit IBM facilities in Poughkeepsie, N.Y., where the company builds mainframe computers and has a quantum computation center, among others, it said.

IBM added that its vision is for Poughkeepsie "to become a global hub of the company's quantum computing development, just as it is today for mainframes."

 

Write to Ben Otto at ben.otto@wsj.com

 

(END) Dow Jones Newswires

October 06, 2022 06:09 ET (10:09 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
International Business M... (NYSE:IBM)
Historical Stock Chart
From Oct 2022 to Nov 2022 Click Here for more International Business M... Charts.
International Business M... (NYSE:IBM)
Historical Stock Chart
From Nov 2021 to Nov 2022 Click Here for more International Business M... Charts.