IBM, Intel Start $4.4 Billion Chip Venture in New York State

International Business Machines and Intel will invest $4.4 billion over five years to create a research and development hub for nanotechnology in Albany, New York, Gov Andrew Cuomo (D-NY) said.

To support the project, the state will make a $400 million investment in the State University of New York College of Nanoscale Science and Engineering in Albany. Globalfoundries Inc., Taiwan Semiconductor Manufacturing Co. and Samsung Electronics are also investing in the project, which will create and retain 6,900 jobs, including 2,500 new technology positions. A Nanometer is about one twenty- five millionth of an inch and chips of this scale are used in systems from supercomputers to consumer devices, said IMB spokesperson Michael Loughran.