IBM Plans to Develop “AI Hardware Center” In New York

International Business Machines Corproation is planning to develop an “AI Hardware Center” at the SUNY Polytechnic Institute campus in Albany, New York.

The center is intended to advance research on artificial intelligence (AI) based research and development of computer chips.

It was not too long ago that Andrew Cuomo, the Governor of New York, announced that IBM is allocating around $2 billion for the project. The allocation also includes an in-kind and cash contribution of approximately $30 million to SUNY system, wherein SUNY is anticipated to contribute around $25 million, taking the total to $55 million.

“New York has always been at the forefront of emerging industries, and this private sector investment to create a hub for artificial intelligence research will attract world-class minds and drive economic growth in the region,” Cuomo said. “Artificial intelligence has the potential to transform how we live and how businesses operate, and this partnership with IBM will help ensure New York continues to be on the cutting edge developing innovative technologies.”

“This investment by IBM will continue to grow New York’s high-tech industry in the Capital Region and across the state,” said Lieutenant Governor Kathy Hochul. “The artificial intelligence hardware center will expand research and partnerships at SUNY Polytechnic Institute, and ensure Tech Valley attracts innovative business and development that drives economic development in the region.”

According to Cuomo, the development of the new center in collaboration with the state of New York will create new jobs and accelerate AI-driven processes on hardware development technologies including simulation, testing and prototyping.

Empire State Development will take in $300 million as capital grant spread over five years for the project.

Disclaimer: We have no position in IBM Common Stock (NYSE: IBM) and have not been compensated for this article.