NEW YORK PLEDGES $1B ON CHIP RESEARCH AND DEVELOPMENT IN ALBANY IN BID FOR JOBS, FEDERAL GRANTS

New York state will spend $1 billion to expand research into chip technology in Albany, the state's capital, with the goal of turning the region into a global center of semiconductor research and manufacturing, Gov. Kathy Hochul announced this week.

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She said the investment will bolster New York's case for federal grants under the CHIPS and Science Act, which will provide more than $52 billion for semiconductor research and manufacturing. It's part of a long-term plan wrest control of the industry away from competitors, particularly China.

"There's a race for global domination. That's why we're here," Hochul, a Democrat, said at a news conference where she was joined by chip industry leaders and both of New York's U.S.