WASHINGTON (NEXSTAR) — IBM says it will invest $20 billion into its computer chip business, in Poughkeepsie, New York.

“The supply chain is going to start here and end here in the United States,” the President said.

President Biden came to town to celebrate and take some of the credit.

“We’re going to make sure that companies that take these taxpayers’ dollars do not turn around and make investments in China,” Biden said.

IBM says it will spend the money on the development and manufacturing of semiconductors, artificial intelligence, and quantum computing in the U.S.

“That will keep the Hudson Valley at the forefront of technology leadership,” IBM CEO Arvind Krishna said.

Krishna says the investment will jump-start future American innovation and fuel economic growth and union job opportunities.

This is the latest high-tech investment announced since the “Chips” act became law. The new law provides incentives for companies like IBM to invest in the USA.

“Making these chips in America is going to create new businesses for countless small manufacturers and suppliers,” Biden said.

The announcement had few details, but Rep. Pat Ryan (D-N.Y.) and Rep. Sean Patrick Maloney (D-N.Y.) called it a major win for New York.

“It’s not going to start or end today, it is going to go on for decades,” Maloney said.

“We have made it clear that the United States will be the leader in global manufacturing,” Ryan said.

IBM joins Micron Technologies, which earlier this week announced its own multi-billion dollar high-tech project in New York State.