IBM's $20 billion investment in Hudson Valley backs up President Joe Biden's Chips and Science Package

An overall $28 billion package announced this summer to boost the US semiconductor industry has started giving results. A pleased President Joe Biden will be at the International Business Machine (IBM) facility in Poughkeepsie, New York, on Thursday to participate in the official launching of IBM's $20 billion investment programme at the Hudson River Valley facility.

IBM’s Investment

IBM plans to bolster semiconductor manufacturing, mainframe technology, and quantum computing with a proposed investment of $20 billion over the next decade. In addition, the company wants to turn the Poughkeepsie facility into a global hub of quantum computing development. IBM, however, did not disclose the breakup of the proposed investment.

The Chips and Science Package

The Chips and Science Act is the government's new policy to subsidise and encourage semiconductor manufacturing and development. The move is to counter the incentives offered by China and the European Union.




Since President Biden signed the $52 billion incentive package, there have been several high-value investments. Like IBM, Micron Technology announced its $100 billion investment plan for the next 20 years. The act is rare legislation with bipartisan support because the President is managing it.

FAQs

1. How good is US President Joe Biden as a fundraiser for his party?
   In this election cycle, President Biden has been a very successful fundraiser for his party. According to informed sources, he helped collect over $19.6 million for the party.
2. Who are the significant contributors to Biden’s fundraising campaign?
   There are many big personalities who have contributed. In the New York area, James Murdoch (son of media king Rupert Murdoch) was a major contributor to Biden’s presidential campaign.