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The investments will go toward research and development and the manufacturing of semiconductors, mainframe technology, artificial intelligence and quantum computing in the Hudson Valley.
HP’s higher mix of commercial PCs has served as a shield from the plunging consumer market in recent months, but the company is also starting to see a slowdown in business demand.
Micron announced it will invest $40 billion by 2030 to build US memory plants. Qualcomm is partnering with GlobalFoundries, which has a facility in New York state, in a $4.2 billion agreement to manufacture chips.
Some projections indicate the industry will double in size over the next decade, meaning efforts to mitigate its climate footprint need to accelerate. Absent pressure from governments, it will largely depend on the chipmakers themselves.
The bill is expected to pass the House later this week and then move to Biden’s desk for his signature. In addition to the semiconductor funding, the legislation includes money for research and workforce training and 5G wireless technology.
Global semiconductor revenue will increase just 7.4% in 2022, the research firm projected in a report Wednesday. That’s roughly half the 14% rate that Garner was predicting three months ago.
Nineteen of the world’s 20 fastest-growing chip industry firms over the past four quarters, on average, hail from the world’s No. 2 economy, according to data compiled by Bloomberg.
The National Security Agency has been involved in parts of the process but insists it has no way of bypassing the new standards, which are intended to withstand the rise of quantum computing.