IBM (IBM), Intel (INTC), Others to Invest Billions in NY R&D Initiative
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New York state is about to get even more tech savvy.
According to reports Wednesday, New York Governor Andrew Cuomo announced that a group of semiconductor giants led by Intel (Nasdaq: INTC), IBM (NYSE: IBM), Taiwan Semi (NYSE: TSM), and Globalfoundries will invest $4.4 billion for a new R&D facility in upstate New York.
Two projects will be the focus of the investment. The first project will be led by IBM and focus on making next-gen computer chips. The second project will be a joint effort by Globalfoundries, Samsung, IBM and Taiwan Semi, to move 300-mm wafer manufacturing technology into more advanced 450-mm technology. Twice as many chips can yield from 450-mm technology compared with 300-mm tech, according to CNET.
About 6,900 jobs are expected to be created and retained in the area. Cuomo also said the number includes 2,500 high-tech jobs at CNSE Albany NanoTech Complex, IBM Yorktown Heights and IBM East Fishkill, SUNY Institute of Technology (SUNYIT) in Utica, and CNSE's Smart System Technology & Commercialization Center in Canandaigua. New York will invest $400 million in the SUNY College CNSE, but not provide funds for the private companies.
Chip stocks are up in pre-market trade Wednesday. The Semiconductor HOLDRs ETF (NYSE: SMH) is up 0.4 percent at last check.
According to reports Wednesday, New York Governor Andrew Cuomo announced that a group of semiconductor giants led by Intel (Nasdaq: INTC), IBM (NYSE: IBM), Taiwan Semi (NYSE: TSM), and Globalfoundries will invest $4.4 billion for a new R&D facility in upstate New York.
Two projects will be the focus of the investment. The first project will be led by IBM and focus on making next-gen computer chips. The second project will be a joint effort by Globalfoundries, Samsung, IBM and Taiwan Semi, to move 300-mm wafer manufacturing technology into more advanced 450-mm technology. Twice as many chips can yield from 450-mm technology compared with 300-mm tech, according to CNET.
About 6,900 jobs are expected to be created and retained in the area. Cuomo also said the number includes 2,500 high-tech jobs at CNSE Albany NanoTech Complex, IBM Yorktown Heights and IBM East Fishkill, SUNY Institute of Technology (SUNYIT) in Utica, and CNSE's Smart System Technology & Commercialization Center in Canandaigua. New York will invest $400 million in the SUNY College CNSE, but not provide funds for the private companies.
Chip stocks are up in pre-market trade Wednesday. The Semiconductor HOLDRs ETF (NYSE: SMH) is up 0.4 percent at last check.
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