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IBM to invest $20 billion in New York's Hudson Valley region over 10 years

International Business Machines Corp. said Thursday it will host President Joe Biden later Thursday for a tour of its Poughkeepsie, NY site as it announced plans to invest $20 billion in 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," the company said in a statement. IBM has more than 7,500 jobs located across the Hudson Valley. The company said it will directly benefit from Biden's CHIPS and Science Act, which will ensure a secure supply of next-generation chips for its computers and AI platforms. Poughkeepsie is home to IBM's first Quantum Computation Center. IBM shares were slightly lower premarket and are down 6% in the year to date, while the Dow Jones Industrial Average has fallen 17%.

-Ciara Linnane


(END) Dow Jones Newswires

10-06-22 0611ET

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