'Biden is really pushing this semiconductor company.'
US computing firm IBM received a new boost behind the construction of a $20 billion factory when President Joe Biden approved subsidies to support the effort.
The announcement of the subsidy aid was made by Biden himself after he visited the IBM factory construction site in New York.
Summing up Biden's speech, he expressed his excitement and full support for the IBM investment.
He also had time to announce a subsidy stimulus package for US semiconductor chip manufacturing which is expected to also increase the rate of job supply.
Concluding the speech Biden asserted that IBM's $20 billion investment will change the world paradigm with the US expected to be a major player in the production of semiconductor chips.
Speaking on IBM's side, the company announced a $20 billion investment to build a production plant that focuses on semiconductor manufacturing along with computing and artificial intelligence (AI) technology.
It follows on from the Chips and Science bill Biden signed in August in channeling $52 billion in funding to subsidize semiconductor chip manufacturing and research.
The matter may be part of the US action plan in producing semiconductor chips of their own creation and wanting to be less dependent on foreign imports.
In the meantime, IBM did not reveal complete details about the construction of the factory.
As of this writing, IBM shares are down 2.79% at $112.23 with a company capitalization of $110.40 billion.
