Tech firm IBM has announced to invest USD2 billion for a New Artificial Intelligence research hub in New York as part of its pilot program. The investment will be used to establish an AI Hardware Centre at the SUNY Polytechnic Institute campus in Albany, New York that will focus on computer-chip research, prototyping, development, testing, and simulation. The company will utilize the center to work in collaboration with the State of New York and several heavyweight technology organizations like Samsung, Mellanox Technologies and Synopsys.
According to the reports, the research at the center will not be limited to FinTech alone. The center is expected to interest world-class minds in AI. Vice President at IBM Research semiconductor and AI Hardware Group, Mukesh Khare stated that nowadays, AI’s escalating sophistication is pushing the limitations of the industry’s existing hardware systems as users to uncover more ways to integrate different sources of data from the edge, (IoT) Internet of Things, and more. The tech firm has claimed that its investment will be utilized to build next-gen AI silicon and networking and manufacturing that will deliver 1,000x the AI performance efficiency over the next decade. New York Governor Andrew Cuomo said that AI has the ability to transform how the people live and how businesses run, and this collaboration with IBM will help ensure New York continues to be on the cutting-edge developing innovative technologies.
He further added that New York has always been at the front position of emerging industries, and this private sector investment to build a center for AI research will attract world-class minds and generate several new jobs and accelerate economic growth in the region. IBM plans to invest USD30 million in cash and in-kind contributions for AI research across the SUNY system that is reaching up to USD25 million for a combined total of USD55 million.