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IBM, Intel and Other to Invest $4.4 Billion in Chip Research and Development Project

A number of pioneers in the semiconductor industry, led by IBM, Intel and Globalfoundries plan to invest approximately $4.4 billion in a New York based chip research and development hub, announced New York governor Andrew M. Cuomo.

The five-year project will be primarily aimed at enhancing the R&D efforts currently being carried out in the upstate New York- region, which already enjoys the reputation of being the country’s chip research and development hub.

A large number of companies including IBM have been facilitating manufacturing, and R&D projects involving chips, in the same region for many years now.

The money invested by all the tech giants will be segmented into two parts - the first focusing on accelerating the development process of the next two generations of computer chips; the other used to upgrade the existing 300 mm wafer manufacturing technology to advanced 450 mm.

"This investment will have other beneficial economic impacts...The project will include a private 'Made in NY' initiative to support the potential purchase of $400 million in certain tools and equipment from companies around New York State to create, attract, and retain manufacturers and suppliers across the state," said Cuomo, as reportedby CNet.