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Biden To Tout Chips And Science Act In Remarks From Poughkeepsie, NY

US

President Biden is in New York State today touting domestic tech investment facilitated by the USD$52 billion Chips and Science bill. Biden will shortly deliver remarks, which can be livestreamed here:https://www.youtube.com/watch?v=2xGVd1vsWFQ

  • Biden's NY trip included a tour of IBM campus in Poughkeepsie where IBM plans to invest USD$20 billion in development and manufacturing of semiconductors, mainframe technology, artificial intelligence, and quantum computing.
  • On Tuesday, Micron announced plans to invest up to USD$100 billion in a semiconductor facility which Micron claims could create up to 20,000 jobs.
  • White House National Economic Director Brian Deese said the Micron investment is "a significant win for US economic & national security" and "part of a deliberate, long term industrial strategy that will bolster U.S. competitiveness, and increase our long-term productive capacity."
  • Last month Biden travelled to Ohio to deliver a similar message at the site of a planned Intel facility.
  • The White House will be seeking to shift the midterm narrative back onto the legislative successes made by Democrats during the summer. Biden's remarks may be key in deflecting politically damaging fallout from OPEC's decision to cut production by 2 million b/pd.
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