IBM Shares Soar on US Funding for $2 Billion Quantum Push (2)

The Trump administration has agreed to award $1 billion to International Business Machines Corp. to build a foundry for producing quantum computing chips, part of a broad strategy to bolster US leadership in an emerging industry.

IBM will also invest $1 billion into a new business, called Anderon, which will produce the processors, the company said in a statement on Thursday. Both IBM and government funding will go toward operating a quantum wafer facility at an existing semiconductor manufacturing research center in Albany, New York, according to a statement from Chuck Schumer, a Democratic senator from the state.

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