Computer giant IBM is expected to announce a plan to invest $20 billion to bolster its domestic production of cutting-edge technology during President Biden’s visit to the company’s upstate New York facility on Thursday.
The announcement marks a win for the president as he touts his administration’s push to create jobs, lower costs and ensure “the future is made in America” ahead of the midterm elections.
IBM Chairman and CEO Arvind Krishna was a key backer of the new $280 billion technology spending law, which includes a $52 billion payout to domestic semiconductor manufacturers.
“IBM is deeply honored 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,” Mr. Krishna said.
IBM’s investment will boost research and development for technologies from semiconductors to quantum computing at its campuses throughout upstate New York, the company said.
This week chipmaker Micron announced it would invest $100 billion over the next two decades in domestic semiconductor manufacturing and build a new plant in upstate New York. The company said the new plant would create 9,000 jobs.
“Thanks to the President’s economic plan — including the CHIPS and Science Act, the Bipartisan Infrastructure Law, and the Inflation Reduction Act – we are seeing a manufacturing boom nationwide, that is strengthening our economy and national security and creating good-paying, American jobs,” a White House official said ahead of Mr. Biden’s visit Thursday.
Mr. Biden has labored to capitalize as much as possible from his string of legislative wins over the summer ahead of what are expected to be challenging midterm elections for Democrats in November.
Mr. Biden will be joined by New York Democratic Reps. Sean Patrick Maloney, Paul D. Tonko and Pat Ryan during his stop at IBM.
Following his stop at IBM, Mr. Biden will attend a fundraiser in Red Bank, New Jersey, hosted by the Democratic National Committee; and a fundraiser for the Democratic Senatorial Campaign Committee in New York City.