IBM is investing USD 2 bn in new technology development at the SUNY Polytechnic Institute campus in Albany and throughout New York State in artificial intelligence (AI) research hub in New York, FinTech reports.
The investment will be used to set up an “AI Hardware Centre, which will focus on computer-chip research, development, prototyping, testing, and simulation.
The research at the center will not be limited to FinTech alone, the report highlights. The center is expected to interest ‘world-class’ minds in AI.
IBM plans to invest $30 million in cash and in-kind contributions for AI research across the SUNY system reaching up to $25 million for a combined total of $55 million.