Biden to hail IBM's $20 bln investment announcement

IBM will host U.S. President Joe Biden Thursday to celebrate the announcement of a $20-billion investment in semiconductors, quantum computing and other cutting-edge technology in New York state, the White House said.

The chipmaker "will announce a $20 billion investment over the next decade in R&D and manufacturing of semiconductors, mainframe technology, artificial intelligence and quantum computing," the White House said.

Biden is flying to Poughkeepsie, New York to tour the site.

The Democrat has made a priority of encouraging growth in high-tech manufacturing, hoping to rebuild domestic supply chains in crucial components such as microchips that for years have been left to foreign companies based as far away as Taiwan.

Biden will make public remarks during the tour, and the White House echoed his now frequent claim to have ushered in a "manufacturing boom nationwide that is strengthening our economy and national security and creating good-paying, American jobs."

Other major projects currently underway include Micron's announcement of a $100-billion investment to manufacture semiconductors in New York and Wolfspeed's pledge to spend $5 billion on a new semiconductor plant in North Carolina.

In early September, Biden visited the nascent site of Intel's future $20-billion facility in Ohio.