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Killexams : IBM Systems history - BingNews https://killexams.com/pass4sure/exam-detail/C9010-250 Search results Killexams : IBM Systems history - BingNews https://killexams.com/pass4sure/exam-detail/C9010-250 https://killexams.com/exam_list/IBM Killexams : Biden visits New York as IBM announces $20B program; what to know about Poughkeepsie trip

The President of the United States roamed a warehouse in Poughkeepsie Thursday afternoon.

With a warm smile, Joe Biden greeted employees of the IBM facility, shaking hands and asking how they were doing.

The site situated in a town of roughly 45,000 is the global company’s hub for mainframe development and quantum computing, though IBM’s footprint in Dutchess County has decreased in exact decades.

“Where in God’s name is it written that we can’t be the manufacturing hub of the world?” Biden remarked. “There’s a lot of reasons to be optimistic.”

IBM provided one for employees and the region in general Thursday, announcing a $20 billion initiative for its Hudson Valley sites over the next decade.

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“More is going to change in the next 10 years than it has in the last 40,” Biden told employees.

The announcement was the centerpiece of a day packed with local anticipation. Some stood along town roads surrounding the IBM campus holding signs of support for the president; others gathered to show their displeasure. And some drivers faced added hurdles navigating traffic caused by the presidential motorcade.

The IBM program includes a $20 billion investment across sites in Poughkeepsie, Yorktown and Albany, in the areas of research and development, semiconductor manufacturing, mainframe technology, artificial intelligence and quantum computing, according to the White House, which noted “good-paying manufacturing jobs” would be created.

The program is a direct product of the CHIPS and Science Act, which Biden signed in August, according to the White House.

IBM Chairman and CEO Arvind Krishna did not elaborate on how the plan would work or how many jobs may be created over the next decade.

But the visit sparked excitement all the same, including among some involved in welcoming the president.

Arrival in Newburgh

For Matthew DeLorenzo, the high point of the day came when Air Force One touched down at Stewart Air National Guard Base in Newburgh at 11:46 a.m.

The 24-year-old Gardiner resident, a crew chief in the U.S. Air Force, placed the stops at the wheels − or chocked − Air Force One.

Airman first class Matthew DeLorenzo poses in front of Air Force One at Stewart Air National Guard Base in Newburgh on October 6, 2022. DeLorenzo is a crew chief for the runway at Stewart and he chocked Air Force One before President Biden deplaned. © Patrick Oehler/Poughkeepsie Journal Airman first class Matthew DeLorenzo poses in front of Air Force One at Stewart Air National Guard Base in Newburgh on October 6, 2022. DeLorenzo is a crew chief for the runway at Stewart and he chocked Air Force One before President Biden deplaned.

"It's definitely an honor to be able to do something of this caliber," he said. "Everyone knows about Air Force One and this history behind it. And having the opportunity to install chocks, I know it doesn’t seem like a big accomplishment, but it was absolutely cool to be a part of this."

For several minutes after disembarking, Biden stood at the base of the stairs shaking hands and chatting with fellow Democratic officials, including Gov. Kathy Hochul and Congressmen. Multiple members of the Secret Service surrounded the group while they mingled.

President Joe Biden greets, from left, New York Governor Kathy Hochul, Senators Sean Patrick Maloney and Pat Ryan as he arrives at Stewart Air National Guard Base in Newburgh on October 6, 2022. © Patrick Oehler/Poughkeepsie Journal President Joe Biden greets, from left, New York Governor Kathy Hochul, Senators Sean Patrick Maloney and Pat Ryan as he arrives at Stewart Air National Guard Base in Newburgh on October 6, 2022.

The sun shone hot and bright on the tarmac, but Biden briefly removed his sunglasses as he smiled and greeted the politicians. Then, his motorcade departed for Poughkeepsie, and the subdued crew began to show their enthusiasm for the moment.

Several young members of the Air Force and New York Air National Guard stood in front of Air Force One taking photos on their phones and enjoying being in such close proximity to one of the most recognizable planes in the country.

Biden's presence also had an impact on businesses surrounding the Poughkeepsie campus.

Small business owners are hopeful about the president’s message about more jobs in the area, which they say could translate into more customers. However, for now, they are struggling to make ends meet due to rising costs and hiring pressures.  

Susan Horton, owner of Nothing Bundt Cakes along Route 9, opened her bakery in 2020 and has seen the cost of supplies triple in less than two years.  

“We need all the help we can get in the Hudson Valley, boosting the economy with more jobs, more people and the attraction to be here,” she said.

‘Hope' at IBM

At IBM, many employees and officials were eagerly anticipating the president’s arrival in advance of a 2 p.m. speech.

Myja Carter, a 17-year IBM employee who is now a line lead, was among the group.

"There's hope. There's a future for my generation, for my daughter's generation," she said.

Before his address, Biden was taken on a brief tour of the facility, in which he was shown the z16 mainframes tested and manufactured in Poughkeepsie, and a quantum computer. He also greeted some employees.

“You look like you spend a lot of time in the gym,” he told one.

His roughly 20-minute speech touched not only on IBM’s history, but the importance of the CHIPS and Science Act, aims to boost domestic manufacturing of computer chips and includes roughly $52 billion in incentives for the semiconductor industry. 

President Biden tours the IBM site in Poughkeepsie with IBM CEO Arvind Krishna Oct. 6, 2022. With them are Congressman Sean Patrick Maloney and New York Governor Kathy Hochul. IBM announced they will be investing $20 billion in the Hudson Valley over the next 10 years to develop semiconductors and other technologies. © Peter Carr/The Journal News President Biden tours the IBM site in Poughkeepsie with IBM CEO Arvind Krishna Oct. 6, 2022. With them are Congressman Sean Patrick Maloney and New York Governor Kathy Hochul. IBM announced they will be investing $20 billion in the Hudson Valley over the next 10 years to develop semiconductors and other technologies.

“It’s here, it’s here at this factory and the factories of other companies across America where America’s future is literally being built,” Biden said. “It was here in Poughkeepsie where the rifles for World War I were made, where the first electric typewriters, calculators, even cough drops were made. I brought some with me. And it’s here now where the Hudson Valley could become the epicenter of the future of quantum computing, the most advanced and fastest computing ever, ever seen in the world."

Following the speech, Biden and his motorcade left IBM for Hudson Valley Regional Airport in Wappinger, where he boarded Marine One and took off before 2:50 p.m.

This article originally appeared on Poughkeepsie Journal: Biden visits New York as IBM announces $20B program; what to know about Poughkeepsie trip

Thu, 06 Oct 2022 08:30:26 -0500 en-US text/html https://www.msn.com/en-us/news/politics/biden-visiting-new-york-with-ibm-poised-to-announce-20b-program-what-to-know/ar-AA12ESzZ
Killexams : Back to the Future: CNY is poised to return to a familiar role as a hub of leading-edge American manufacturing

It has been nearly two weeks since the wave of shock and elation swept over Central New York in the wake of Micron Technology’s staggering and historic announcement.

Spurred in large party by the federal CHIPS and Science act, the Idaho based technology company is set to make a transformational investment of a reported $100 billion in the region over the next 20-plus years, centered around the construction of a new Megafab facility in Clay, which, when completed, will be the largest semiconductor fabrication facility in the history of the United States.

The sheer scope and impact of the Micron announcement is almost hard to comprehend at this early stage.

$100 billion invested over twenty years; a 7.2 million square foot complex, or the 50,000 projected employees at the Megafab and other related businesses.

All in, it will be the largest private investment in the history of the Empire State.

That is truly incredible considering the industrial history of the state where global technology titans like IBM and General Electric both started.

As a result, the greater Syracuse-metro area might rightly take up the moniker of “Chip City,” as the region reprises a role it played for most of the previous century, as one of the epicenters of high-tech American manufacturing.

As has been noted by nearly every commentator on the subject, the Micron announcement marks a watershed moment in the region’s history.

However, as the saying goes, everything old is new again. And while the future remains unknowable, Syracuse’s mighty industrial past offers two very useful and illustrative examples of the tremendous generational benefits that result from the kind of effective cooperation between public and private sector at the core of the Micron Megafab deal.

If past is in fact prologue, then this region may be facing a tidal wave of prosperity even bigger than the one being forecasted.

On a swelteringly hot July 4th morning in 1937, Syracuse residents awoke to a headline that made Independence Day a little bit cooler.

After several months of negotiations between the city and Dr. Willis Carrier, the “father of air-conditioning,” Carrier Corporation purchased the mammoth former H.H. Franklin Manufacturing factory complex at 300 South Geddes Street, for the paltry sum of $1,000.

At that point in time, Carrier Corp. was based in Newark, New Jersey, but the company’s operations were spread out across five separate locations in two different states.

Like Syracuse, the Great Depression hit Carrier incredibly hard, and the company had only just returned to profitability when Dr. Carrier decided to move here, spurred by the lure of tax abatements and a favorable business environment.

Ever confident in the growth potential for his revolutionary technology, Carrier drove a hard bargain with Republican Mayor Rolland Marvin and the Syracuse Chamber of Commerce, who were eager to revitalize the city’s slumping economy.

That April, a deal in principle was reached, one that presaged the sort of incentive laden deals of which Micron is the most exact and largest example. The agreement was predicated on two significant financial commitments from Syracuse’s political and economic leaders.

First, the city agreed to wipe out the Franklin property’s outstanding tax-bill of $589,000. Second, the Chamber of Commerce agreed to raise a $250,000 “civic contribution” to help alleviate Carrier’s rather large renovations costs for the old automobile factory.

The city was happy to strike the deal, as there was essentially no chance of ever collecting on the Franklin debt, and Mayor Marvin was able to put over 100 men to work readying the factory. The city fulfilled its obligations on July 3rd. For their part, Carrier promised to have upwards of 1,100 men working in Syracuse by the fall, which they did when the plant opened in November.

Syracuse’s investment in Carrier Corporation paid enormous dividends.

The company grew at an exponential rate during the 1940s. The post-war boom was particularly kind to the air-conditioning business. By 1947, the company had outgrown the Geddes Street facility and began construction on a $6,000,000 facility on Thompson Road.

Dr. Carrier died in 1950, but his company kept growing. Massive capital investments at “Carrier Circle” continued in the 1950s and ‘60s, as homes, businesses, and government contracts made Carrier the world-wide leader in a global industry, just as Dr. Carrier had envisioned.

Accordingly, Syracuse became known as the “Air Conditioning Center of the World.”

At its peak, Carrier employed over 7,000 people at their Dewitt campus, far outstripping even the most optimistic initial projections. This exceedingly fruitful partnership resulted in a near synonymous relationship between the company and the city (Syracuse’s most iconic structure, The JMA Wireless Dome, will forever be the Carrier Dome in the hearts and minds of many both near and far).

The success of the Carrier deal was not confined to just one company. By the end of 1937, New Process Gear’s massive factory was also back online after being shuttered for four years, employing nearly 1,800, after a similar deal was struck with its new ownership group.

But perhaps nothing was significant to the local economy, nor as analogous to the Micron deal, as the announcement made by Owen Young, the Chairman of the Board of General Electric, at the Hotel Syracuse on August 25, 1944.

Back to the future

- Workers making television components on the factory floor of the General Electric plant at Electronics Park in Salina 1949.   Onondaga Historical AssociationOnondaga Historical Association

G.E. set up shop in Syracuse in 1942, coincidentally in a former Carrier facility on Wolf Street, and they very much liked doing business here. After a year courtship, Young announced that G.E. was going to build “Electronics Park,” a massive new 10 building complex occupying 155 acres in the township of Salina.

Citing the motivated and educated workforce, the city’s geographic centrality and extensive transportation networks that included the new “Superhighway” being constructed - the NYS Thruway - and the proximity of world-class universities like Syracuse and Cornell, Young predicated greatness for the city and the company. G.E.’s investment eventually grew to $25 million (approximately $380 million in 2022 - drop in the bucket in comparison to the current figures).

Electronics Park became the center of high-tech electronic manufacturing anywhere in the United States, and, therefore, anywhere in the world. Opened in 1947, construction at Electronics Park was completed in 1948.

Back to the future

- Electronics Park, circa 1965. In 1992, defense contractor Martin Marietta Corporation purchased GE’s Aerospace division for $3 billion.  In 1995, Martin Marietta merged with fellow defense contractor Lockheed, forming Lockheed Martin. LM maintains a strong, if diminished, presence at the site.   Onondaga Historical Association Onondaga Historical AssociationOnondaga Historical Association

At its peak in 1965, G.E. employed almost 15,000 people in Syracuse, including 8,800 at Electronics Park.

This was more than double the original projections made in 1944. From 1948 until the company began shifting manufacturing to new plants in the Midwest and the so-called “Sun Belt” in the mid-60s, the “Air conditioning center of the world” was also the center of television production and radar technology.

During that period. the aerospace and radar innovations made by the Heavy Military Electronics Department at Electronics Park were amongst the most significant in the world, including Monopulse Resolution Improvement (MRI), Moving Target Indication (MTI), and Altitude layer Surveillance Terminal Area Radar (ALSTAR). Engineers also worked on the Atlas missile guidance systems, among others.

In addition, several G.E. engineers from the Electronics Lab started local businesses with a national footprint, including SRC and Anaren, which are still major defense contractors and leaders in radar, microwave, and sensor technologies. Both SRC and Anaren are still headquartered here in Syracuse.

Ironically, those factories that G.E. and others opened in those new southern climes that ultimately drained this region’s manufacturing base were made possible only by the growth and mass adoption of Dr. Carrier’s world-changing machines, manufactured just down the Thruway.

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Fri, 14 Oct 2022 08:06:00 -0500 en text/html https://www.syracuse.com/living/2022/10/back-to-the-future-cny-is-poised-to-return-to-a-familiar-role-as-a-hub-of-leading-edge-american-manufacturing.html
Killexams : Biden claims GOP ‘bought’ Chinese talking points on manufacturing, sidesteps family’s own alleged ties

POUGHKEEPSIE, NY — President Biden accused Congressional Republicans Thursday of having “bought” into Chinese Communist Party talking points against manufacturing legislation — without mentioning his own family’s business links to the Chinese government.

Biden was visiting the Hudson Valley to celebrate IBM’s plan to spend $20 billion locally over the next decade on research, development and production of high-tech semiconductors and computers when he veered into overt partisanship during his remarks about the recently passed $280 billion CHIPS and Science Act.

“China is trying to move ahead of us in manufacturing,” the president said. “It’s no wonder, literally, the Chinese Communist Party actively lobbied against the CHIPS and Science that I’ve been pushing … The Communist Party of China was lobbying in the United States Congress against passing this legislation. And unfortunately, some of our friends on the other team bought it.”

The president did not mention that the legislation passed Congress with significant bipartisan support in both chambers. He also did not mention that his son, Hunter, reportedly still owns a 10% stake in the Chinese investment fund BHR Partners, which is controlled in part by state-owned entities.

Hunter Biden co-founded BHR in 2013 about two weeks after flying with his father to Beijing aboard Air Force Two. While in China, Hunter introduced his dad to BHR CEO Jonathan Li. Joe Biden later wrote college recommendation letters for Li’s son and daughter.

President Biden accused Republicans in Congress of buying into Chinese talking points about manufacturing bills during a speech at the IBM campus in Poughkeepsie, New York on October 6, 2022.
Biden accused Congressional Republicans of buying into Chinese talking points about manufacturing bills at the IBM campus in Poughkeepsie, New York, on Oct. 6, 2022.
Hans Pennink

Biden also hailed Gov. Kathy Hochul as a partner in rebuilding domestic manufacturing Thursday and credited Senate Majority Leader Chuck Schumer (D-NY) with orchestrating the bill’s passage. He also gave a shout-out to newly elected Rep. Pat Ryan (D-NY) who he said “provided the pundits wrong” with an August special election win.

“This allows us to push back at the Republican narrative that we’re tax and spend and not pro-business,” Hochul could be heard saying into a hot mic during the event — linking Biden’s visit to the Nov. 8 midterm elections.

“To be clear, the CHIPS and Science Act is not handing out blank checks to companies,” Biden added. “We’re gonna make sure that companies that take these taxpayers dollars do not turn around and make investments in China investments that undermine our supply chains and that security guarantee. Because in this law, I have the power to take back any federal funding from these companies if they don’t meet these requirements.”

IBM’s planned expansion will support 7,500 jobs in the area, CEO Arvind Krishna said while introducing Biden.

“The Hudson Valley could become the epicenter of the future of quantum computing — the most advanced and fastest computing ever, ever seen in the world,” the president said.

“Quantum computing has the potential to transform everything from how we create new medicines, to how we power artificial intelligence and cybersecurity is technology that is vital to our economy, and equally important to our national security.”

Krishna described Biden’s visit as part of a broader history of US government support for domestic enterprise, noting links to the Apollo space program and even Social Security processing systems.

“Seventy-four years ago, Dwight Eisenhower opened one of the buildings on the site,” he said. “And he called it dedicating his building to the future of America. I think that’s what we’re seeing here.”

Rep. Sean Patrick Maloney (D-NY), whose district included Poughkeepsie and attended the event, told reporters that “we’re bringing ten of thousands of good manufacturing jobs to New York because of the CHIPS and Science Act — we’re going to lead the world again, in manufacturing, especially for the jobs of the future, whether you have a high school degree or a Ph.D. ”

Maloney’s Republican challenger, Assemblyman Mike Lawler, told The Post that the Democrats are to blame for national woes including high inflation.

“Sean Patrick Maloney has voted 100% of the time with Joe Biden. He’s given us record inflation, surging crime, a porous southern border, and skyrocketing energy costs,” Lawler said. “Clearly, he’s proud of the Biden agenda and doubling down on his failed record. Voters won’t forget on November 8th.”

Dutchess County Executive Marc Molinaro, a Republican running to represent the next-door 19th Congressional District, told The Post before the event that “it seems obviously clear that there was a desire to to bolster Democratic candidates in the Hudson Valley.”

Biden “also has to talk seriously as to all of our colleagues about the real challenges facing people the inability to pay bills, the rising cost of home heating, gas prices are going to be on the climb again, and we see crime in our streets and have to be confronted,” Molinaro added.

Thu, 06 Oct 2022 09:54:00 -0500 en-US text/html https://nypost.com/2022/10/06/biden-claims-gop-bought-chinese-talking-points-on-manufacturing/
Killexams : IBM Investors Should Keep A Long-Term Perspective Heading Into Q3 FY22 Earnings
Endless straight road into the sun on Iceland

Mlenny/E+ via Getty Images

Nothing Lasts Forever

I think IBM has had a good run, [and] not all companies last forever. There is a life cycle to a company. They are born [to] grow and then decline. They [IBM] have been in decline for 10 or 12 years...When you’re 75, you’d love to be 35 again, but you’re not going to...So that’s the way I think of aging companies. Trying to turn them around might be the most dangerous thing you can do. - Aswath Damodaran, July 22, 2017

I included the quote above in one of my prior IBM (NYSE:IBM) analyses back in early 2020 when I took an in-depth look at the firm’s newer (at the time) hybrid cloud and artificial intelligence (“AI”) strategy. It’s strong, if understandable logic. But, in the particular case of IBM, is it accurate?

With IBM’s earnings date set for next Wednesday, October 19 to report Q3 FY ‘22 results, investors might wonder if Dr. Damodaran is right. If we were only to consider the share price, his words might seem prescient since the stock was trading around ~$140/share at the time the article from which the quote was referenced was published; as compared to today’s close of $117.57. In fact, the stock has barely nudged above $140/share over the last 18 months.

IBM 18-Month Stock Price Performance

Figure 1: IBM 18-Month Stock Price Performance (Yves Sukhu)

Notes:

  • Data as of market close October 12, 2022.

Yet, 2022 has proved to be a reasonably good year for IBM…so far.

  • As other Seeking Alpha authors have noted, the stock has held up fairly well, dropping “only” ~(14%) YTD as compared to ~(25%) YTD for the S&P 500.

  • Q2 FY ‘22 revenue of $15.5B reflected 16% growth versus the prior period in constant currency.

  • The revenue performance in Q2 FY ‘22 demonstrated strength across all geographies and the company’s key operating segments, namely software, infrastructure, and consulting.

  • The software, infrastructure, and consulting segments racked up sales of $6.2B, $4.2B, and $4.8B respectively during the quarter, reflecting growth of 12%, 25%, and 18% respectively versus the prior period in constant currency.

  • TTM hybrid cloud revenue stood at $21.7B at the end of the quarter, up 19% in constant currency.

  • YTD cash from operating activities was $4.6B at the end of Q2 FY ‘22, driving YTD free cash flow of $3.3B.

Management’s confidence exiting Q2 FY ‘22 allowed CEO Arvind Krishna to reaffirm full-year guidance noting that "[with] our first half results, we continue to expect full-year revenue growth at the high end of our mid-single digit model.” Free cash flow for the full-year is expected at $10B.

With the foregoing in mind, we might predict a strong Q3 FY ‘22 performance as well. But, recently lowered price targets by several analysts might hint that dark clouds may have already formed over IBM’s 2H FY ‘22.

Any Life Left in the Core Business?

To put IBM bulls at ease, recently lowered price targets by two analysts reflect a minor “trimming”, with both maintaining their buy ratings.

IBM Selected Analyst Ratings

Figure 2: IBM Selected Analyst Ratings (MarketBeat)

However, UBS Group, who had previously slashed their price target from $136/share to $124/share in early January, did so again dropping their price target to $112/share while maintaining a sell rating.

IBM Selected Analyst Price Targets

Figure 3: IBM Selected Analyst Price Targets (MarketBeat)

UBS analyst David Vogt had suggested early in the year that the firm was trading at “...an ‘elevated valuation’ [leaving] the shares ‘vulnerable’ over the next 12 months”.

The contrast between UBS and Morgan Stanley/Credit Suisse above could not be starker. Even without reading their research notes, we might assume the Morgan Stanley and Credit Suisse analyst teams are pleased with the performance of the core business, even if they are dropping their price targets a bit. And, on that point, I think there are reasons to be bullish.

1. IBM Consulting demonstrating strength.

During the recent Goldman Sachs Communacopia and Technology Conference, John Granger, Senior Vice President of IBM Consulting, noted that “[IBM is] a big consulting player…[with] 150,000 professionals across the world. Revenue is approaching $20 billion. And within the IBM family, [consulting is] about a third of IBM’s revenue, but nearly two-thirds of IBM’s people.” As customers, particularly large enterprises, evolve existing legacy systems and/or digitize non-digital processes, they will draw upon such services as provided by IBM Consulting, including business transformation and technology consulting. These engagements are typically high-margin and high-value, often driving revenue in other parts of the business. Hence, as Mr. Granger also pointed out, the segment is extremely important with respect to IBM’s ongoing success.

IBM Consulting Segment Performance Q2 FY ‘22

Figure 4: IBM Consulting Segment Performance Q2 FY ‘22 (IBM Q2 FY '22 Earnings Presentation)

There are not many companies that can do what IBM is capable of doing via its IBM Consulting segment. To reiterate the statistic that Mr. Granger mentioned, the organization reflects two-thirds of IBM’s entire employee headcount. The ability to put a large number of “feet-on the-ground” for a given project is somewhat unique to IBM, as it is for key consulting competitors like Accenture (ACN) and Cognizant (CTSH).

2. IBM has found its footing again in the APM and Observability space.

IBM’s acquisition of Instana in 2020 gave the company a boost in the large, multi-billion dollar application performance management (“APM”) market. Consider IBM’s position in Gartner’s APM Magic Quadrant from March 2019 versus their Magic Quadrant for June 2022 below.

Magic Quadrant for Application Performance Monitoring March 2019

Figure 5: Magic Quadrant for Application Performance Monitoring March 2019 (Gartner)

Magic Quadrant for Application Performance Monitoring June 2022

Figure 6: Magic Quadrant for Application Performance Monitoring June 2022 (Gartner)

As a leader, it is noteworthy to see IBM ranked higher, overall, than Cisco’s AppDynamics and Splunk, among others. Quoting myself from a prior article on Datadog (DDOG), “...the architecture of modern applications is radically different from even just 10 years ago – they are far more complex with many ‘moving parts’ that may reside in one or more clouds, and/or in on-premise environments.” This complexity – which is increasing in many ways – drives the need for APM solutions, and I theorized in the same article on DDOG that investors might see a certain resiliency within that market despite the economic slowdown. Time will tell if I am right about that. But, the point is that it is a large market, growing double-digits year-on-year by some estimates, and IBM is well-positioned to grow with it.

3. Management’s move deeper into security and automation technologies is a smart move.

During the Q2 FY ‘22 Earnings Call, Mr. Krishna noted that “[given] the importance of cybersecurity, in this past quarter, we also acquired Randori, a leading attack surface management, and offensive cybersecurity provider. This builds on the exact acquisition of ReaQta and the launch of QRadar XDR.” As the computing environments become more complex (see the prior point), security becomes that much more difficult. I think management shows good judgment pushing further into the security space as it is somewhat hard to imagine enterprises spending significantly less on security regardless of economic conditions. Automation is also front-of-mind for many organizations today as they attempt to streamline routine workflows and free-up employees to focus on more strategic work. Accordingly, Mr. Krishna explained that “[this] is one of the many reasons we are investing heavily in both AI and automation.” AI plays a key role in IT operations today, with Gartner inventing the term “AIOps” to refer to the combination of “artificial intelligence” and “IT operations”. On that basis, IBM would seem well positioned to capture a significant share of the fast-growing AIOps market via its tooling.

IBM Software Segment Performance Q2 FY ‘22

Figure 7: IBM Software Segment Performance Q2 FY ‘22 (IBM Q2 FY '22 Earnings Presentation)

While we see the automation and security sub-segments only posting single-digit growth in Q2 FY ‘22 as per Figure 7, I would expect the growth rates of both businesses to increase moving forward due to the nature of those particular markets.

So, with reasons to think the core business still has some life left in it, is UBS too bearish with their call?

IBM Q3 FY22 Expectations and Exposures

IBM’s revenue and EPS estimates are seen in the table below, along with the glaring marker of 13 downward revisions in the last 90 days.

IBM Q3 FY22 Revenue and EPS Estimates

Figure 8: IBM Q3 FY ‘22 Revenue and EPS Estimates (Seeking Alpha)

With analysts clearly expecting a weaker performance, investors might keep a few other points in mind.

1. Q3 tends to be a weaker quarter for IBM.

As readers likely know, Q4 tends to be the strongest quarter for many technology companies. Such is the case with IBM as well; and thus history does not play in the company's favor heading into Q3 FY ‘22 results. Investors might also remember that the company missed its Q3 FY ‘21 estimates.

2. The Red Hat business is decelerating.

Red Hat sales growth in Q2 FY ‘22 declined to 12% versus the prior period which saw a growth rate of 20%. Although, both growth rates were identical at 17% adjusting for currency. Still, with a Red Hat growth rate of 21% in Q1 FY ‘22, this is not a trend that investors want to see considering that IBM bet the farm to a certain extent on Red Hat. Of course, it’s premature to declare that the business is in trouble. But, investors will certainly want to pay attention to the business’ results when Q3 FY ‘22 earnings are announced.

3. The hybrid cloud and AI strategy may be weaker than some investors think.

On the surface, IBM’s stated hybrid cloud and AI solutions strategy would seem to be gaining traction in the context of Q1 FY ‘22 and Q2 FY ‘22 results, with revenue growing 11% and 16% respectively versus the prior periods in constant currency. Mr. Krishna mentioned during the company’s Q2 FY ‘22 Earnings Call that the firm had more than 4,000 hybrid-cloud clients at the end of Q2 FY ‘22, including more than 250 added in the quarter itself. Of course, this is a bullish signal and it reinforces uptake of IBM’s architectural model centered on Red Hat Enterprise Linux, containers, and orchestration. However, we might also argue that 4,000 hybrid-cloud customers might seem a little low, especially as IBM has been talking about hybrid-cloud as far back as its Annual Report FY ‘11. I think this shows that while IBM correctly foresaw an evolution of the cloud into a “multi-cloud” as it pertains to how enterprises would deploy and run applications, there are any number of supporting technology stacks to support multi-cloud application environments, some of which might feature IBM technologies and some which feature none at all. There is a somewhat analogous story with respect to AI. The AI market is composed of innumerable players, many with specializations in particular sub-fields under the AI umbrella. Accordingly, it is an incredibly competitive space, sometimes characterized by a lack of compelling differentiation between competing solutions. While IBM is still regarded as a leader in AI by some, remember that their grand vision for IBM Watson never really came to fruition. This is all to say that IBM’s stated strategy may not be all that strong, especially in consideration of the prior point discussing the deceleration of the Red Hat business.

Having worked at IBM during my enterprise software career, I would lean toward the typical weakness seen in Q3 possibly driving a miss on both lines. Couple that with the possibility of emerging weakness in the firm’s strategy along with economic headwinds, and the outlook becomes somewhat gloomy. Maybe UBS was right.

Playing This Hulking Service Integrator

As UBS lamented, IBM’s share price did not offer investors any kind of grand bargain early in the year; nor is it wildly cheap even after its YTD decline.

IBM and Selected Competitor Statistics

Figure 9: IBM and Selected Competitor Statistics (Yves Sukhu)

Notes:

  • Data as of market close October 11, 2022.

  • Data from Polygon.io except P/S, P/B, and P/E data from Yahoo Finance; as well as ORCL and HPE gross margin data also from Yahoo Finance.

At the same time, it’s not wildly expensive either. As mentioned in the previous section, I do think Q3 FY ‘22 might be a bit rough, if only because it often is. But, with the idea that the “future” of the core business may be powered to a greater extent by IBM Consulting, and that IBM’s deeper push into APM, security, and automation may offset weakness elsewhere, I think it makes sense to hold the stock even with the threat of a weaker-than-expected Q3. Again, Q4 tends to be IBM's strongest quarter so if the stock dips following Q3 earnings, there’s a good chance it can recover following Q4.

I deliberately referred to IBM as a “service integrator”, rather than a “technology company”, in the title of this section because I tend to think of the firm more and more as a service integrator with technology, as opposed to a technology company with services. Services have been a core part of IBM’s business for decades; and I am betting services will drive a majority of revenues in the not too distant future. And, I actually think that’s a good thing because I personally think that’s where IBM excels. With Kyndryl (KD) spun out, I wouldn’t be surprised if IBM continues to slim itself down even more, perhaps with IBM Infrastructure the next to go.

Responding to the question I posed about Dr. Damodaran’s quote in the introduction: he’s probably right. But, that doesn’t necessarily mean investors can’t profit off an investment in the company. I think IBM’s core business will continue to throw off cash for a long time to come; and the stock likely will suit income investors just fine during that time.

Upcoming Q3 FY ‘22 results might leave investors wanting, but I think they owe themselves a longer-term perspective on the company’s forward prospects.

Thu, 13 Oct 2022 00:15:00 -0500 en text/html https://seekingalpha.com/article/4546323-ibm-q3-fy22-earnings-preview-investors-keep-long-term-perspective
Killexams : IBM Assimilates Red Hat Storage Technology Into Own Storage Business

Storage News

Joseph F. Kovar

IBM, which three years ago acquired Red Hat, is now moving Red Hat OpenShift Data Foundation and Red Hat Ceph, along with their development teams, into IBM Storage as part of a move to make a bigger play in the software-defined and open-source storage worlds.

 ARTICLE TITLE HERE

IBM Tuesday said it has absorbed storage technology and teams from its Red Hat business to combine them with IBM’s own storage business unit as a way to help clients take advantage of the two without requiring extra integration or having to deal with multiple sales teams.

IBM is integrating Red Hat OpenShift Data Foundation with its IBM Spectrum Fusion and will offer Red Hat Ceph-based storage technologies to its clients in a move to continue Big Blue’s software-defined storage leadership, said Brent Compton, senior director of Data Foundation for Red Hat’s hybrid cloud business.

For IBM, which in mid-2019 acquired Red Hat in a $34-billion deal, the move ensures maximum support for Red Hat OpenShift Data Foundation and Ceph, Compton told CRN.

[Related: 2022 Storage 100: Who’s Got Your Backup?]

“OpenShift Data Foundation and Ceph will become a big part of IBM Storage,” he said. “IBM has been looking for a way to take advantage of Ceph and ODF, and now it can.”

Ceph is an open-source software-defined object storage technology with interfaces for object, block and file storage. Red Hat OpenShift Data Foundation is a software-defined container-native storage that provides cluster data management capabilities as part of the OpenShift container platform.

Scott Baker, chief marketing officer and vice president of IBM hybrid cloud portfolio and product marketing, told CRN the move to combine Red Hat and IBM storage technologies sets the stage for growth in the combined software-defined storage portfolio.

“Customers not only get a choice of where storage runs—at the edge, in the cloud, or on-prem—but will find storage software releases will no longer be tied to the timing of storage hardware releases,” Baker said. “For instance, IBM normally enhances its Spectrum Virtualize or Spectrum Scale with new versions of the IBM FlashSystem. But with software-defined storage, we can drive changes quicker if they’re not tied to hardware releases.”

By bringing Red Hat OpenShift Data Foundation and Ceph into IBM, customers get the opportunity to access unified block, file, and object storage without regard to the actual underlying hardware, Baker said.

“They can use Ceph to add the right type of storage depending on the protocol they need,” he said. “Ceph and ODF also simplifies how IBM provides data storage and protection. To do all that with IBM’s storage portfolio takes time. With CEF and ODF as part of IBM Storage, this can get done immediately.”

It really is the best of both worlds, as Red Hat customers will also see strong benefits from IBM Storage, Compton said.

“It’s important to note that IBM will continue to offer OpenShift Data Foundation inside the Red Hat OpenShift Platform Plus hybrid cloud platform,” he said. “So if a customer gets pre-integrated OpenShift Data Foundation inside Red Hat OpenShift Platform Plus, it accelerates their time to market. There’s no need to integrate the storage. This will not change.”

Also, Red Hat OpenShift customers have used Ceph to accelerate their time to scale for years, and Red Hat will continue to sell Ceph, Compton said.

“But by moving Ceph to IBM Storage, IBM will accelerate development of the storage-specific features,” he said. “Red Hat is not a storage company. So this will accelerate development of unified capabilities.”

IBM’s storage move makes good on the potential many saw with the company’s acquisition of Red Hat, said John Teltsch, chief revenue officer at Converge Technology Solutions, a Gatineau, Quebec-based solution provider and channel partner to both IBM and Red Hat that ranked No. 36 on CRN’s 2022 Solution Provider 500.

“This is something the channel has been waiting for ever since IBM acquired Red Hat,” Teltsch told CRN. “IBM has been doing a lot around software-defined storage. And when you add in Red Hat, it gives us an integrated solutions play. It lets us build an integrated sales team. We don’t have to first talk about IBM storage capabilities, and then bring in our Red Hat team to talk about Red Hat.”

Converge Technology Partners’ IBM and Red Hat sales teams are currently two separate teams, said Teltsch, who joined the company in March from IBM, where he held numerous sales leadership roles, including two years as Big Blue’s channel chief.

“Once IBM and Red Hat storage are together, it gets more simple to sell,” he said. “And it simplifies our training while IBM will have one integrated set of offerings for its clients. This lets us bring the best of Red Hat open-source capabilities with IBM storage. We’re living in a data-driven world. This move simplifies our go-to-market, as well as simplifies the client experience, client engagement, and client adoption.”

Joseph F. Kovar

Joseph F. Kovar is a senior editor and reporter for the storage and the non-tech-focused channel beats for CRN. He keeps readers abreast of the latest issues related to such areas as data life-cycle, business continuity and disaster recovery, and data centers, along with related services and software, while highlighting some of the key trends that impact the IT channel overall. He can be reached at jkovar@thechannelcompany.com.

Tue, 04 Oct 2022 19:00:00 -0500 en text/html https://www.crn.com/news/storage/ibm-assimilates-red-hat-storage-technology-into-own-storage-business
Killexams : IBM merges its data storage offerings with Red Hat’s OpenShift and Ceph

IBM Corp. is making some big changes to its data storage services, announcing today that it will bring Red Hat Inc.’s storage products and associates under the “IBM Storage” umbrella.

The aim, IBM said, is to deliver a more consistent application and data storage experience across on-premises and cloud infrastructures. It’s a big move that will see IBM Spectrum Fusion data management software adopt the storage technologies of Red Hat’s OpenShift Data Foundation as its new base layer.

Even more interesting, perhaps, is that the open-source Red Hat Ceph Storage offering will be transformed into a new IBM Ceph storage offering. IBM said this will result in a unified, software-defined storage platform that’s better able to bridge the architectural divide between data centers and cloud computing providers.

The computing giant said the move is in line with its software-defined storage strategy of a “born in the cloud, for the cloud” approach that will unlock bidirectional application and data mobility based on a shared, secure and cloud-scale solution.

IBM Systems General Manager of Storage Denis Kennelly said the shift is designed to streamline the two companies’ portfolios. “By bringing together the teams and integrating our products under one roof, we are accelerating IBM’s hybrid cloud strategy while maintaining commitments to Red Hat’s customers and the open-source community,” he insisted.

The company presented the changes as a big win for customers, saying they will gain access to a more consistent set of storage services that preserve data resilience, security and governance across bare metal, virtualized and containerized environments. More specifically, IBM is promising that customers will have a more unified storage experience for container-based applications running on Red Hat OpenShift, with the ability to use IBM Spectrum Fusion, which is now based on Red Hat OpenShift Data Foundation. Doing so will provide higher performance, greater scale and more automation for OpenShift applications that require block, file and object access to data, the company said.

As for IBM Ceph, the company said this will deliver a more consistent hybrid cloud experience with enterprise-grade scale and resiliency.

Furthermore, by unifying IBM’s and Red Hat’s storage technologies, customers will be able to build a single data lakehouse on IBM Spectrum Scale to aggregate all of their unstructured data in one place. Benefits will include less time spent on maintenance, reduced data movement and redundancy, and more advanced schema management and data governance.

Industry watchers were united in their belief that the changes would be of benefit to customers. Steve McDowell of Moor Insights & Strategy told SiliconANGLE that today’s move makes a lot of sense because it enables IBM to leverage the storage strengths of both companies.

McDowell explained that although IBM Spectrum is considered to be one of the most comprehensive data management platforms around, its foundation predates the rise of cloud-native technologies. On the other hand, he said, Red Hat OpenShift was built from the ground up to support cloud-native workloads.

“IBM is evolving Spectrum Fusion to take the best of Red Hat’s efforts, and is using Red Hat’s storage software as the base for its IBM-branded products moving forward,” McDowell said. “It makes a lot of business sense for IBM to leverage R&D from Red Hat into its more traditionally proprietary systems. It also gives IBM an easy path to better serve the needs of containerized workloads.”

International Data Corp. analyst Ashish Nadkarni said the two companies are now “speaking with one voice on storage” and finally delivering on the synergies between them that were mentioned when IBM acquired Red Hat in 2019.

“The combining of the two storage teams is a win for IT organizations as it brings together the best that both offer: An industry-leading storage systems portfolio meets an industry-leading software-defined data services offering,” Nadkarni said. “This initiative enables IBM and Red Hat to streamline their family of offerings, passing the benefits to their customers.”

IBM also moved to reassure users of Red Hat’s open-source technologies that it will remain fully committed to them following today’s announcements. As part of the deal, IBM will take over Premier Sponsorship of the Ceph Foundation and, along with Red Hat’s teams, continue to drive innovation and development. Both IBM Ceph and Red Hat OpenShift will remain 100% open-source, the company added, and will continue to follow an upstream-first development model.

McDowell said today’s move would likely make some users nervous about the prospect of Red Hat’s technology becoming more proprietary over time. “IBM has been very careful since it acquired Red Hat in 2019 to keep Red Hat’s open-source business segregated from IBM’s branded offerings,” he said. “This is the first time we’re seeing IBM cross that that line, and it’s natural to wonder how blurred those lines will become.”

Still, McDowell said, he’s inclined to believe IBM’s promises as it has been very deliberate about keeping Red Hat’s storage technologies open-source.

“Red Hat OpenShift Data Foundation and Ceph will still be available as they always have, though its evolution will undoubtedly be more strongly guided by the needs of IBM’s storage business,” the analyst continued. “Overall this is a net positive for IBM and its customers. It makes good business sense and there should be minimal impact to Red Hat’s existing community.”

IBM said the first storage solutions to launch under the new IBM Ceph Storage and IBM Spectrum Fusion banners will arrive in the first half of 2023, so users will have plenty of time to digest the changes.

Image: Red Hat

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Wed, 05 Oct 2022 20:58:00 -0500 en-US text/html https://siliconangle.com/2022/10/04/ibm-merges-data-storage-offerings-red-hats-openshift-ceph/
Killexams : Earnings playbook: How to trade a big week of results including Netflix and Goldman Sachs

Sat, 15 Oct 2022 21:11:00 -0500 en text/html https://www.cnbc.com/2022/10/16/earnings-playbook-how-to-trade-a-big-week-of-results-including-netflix-and-goldman-sachs.html
Killexams : IBM to invest $20 billion to expand manufacturing, research in Hudson Valley

Technology giant IBM plans to announce today that it will invest $20 billion over the next decade in Poughkeepsie and the Hudson Valley to boost its manufacturing and research capabilities in the region.

President Joe Biden will tour IBM’s campus this afternoon and join company officials at the announcement, a White House official said.

IBM’s expansion of its operations in New York state follows Micron’s announcement Tuesday that it will invest up to $100 billion over 20 years to build a complex of computer chip plants in Syracuse’s northern suburbs.

Micron’s development at White Pine Commerce Park in the town of Clay would be the largest single private investment in New York history. The company said it expects to directly employ up to 9,000 people and create about 40,000 supply-chain jobs.

IBM’s $20 billion investment will match the $20 billion that Micron said it plans to spend in the Syracuse area in the first phase of its project.

Although IBM does not manufacture computer chips in the Hudson Valley, its technology will help produce next-generation chips for mainframe systems, artificial intelligence and quantum computing.

IBM and Micron agreed to expand their domestic operations after Biden signed into law the Chips and Science Act, which provides $52 billion in incentives for technology manufacturers to expand in the United States.

IBM’s Poughkeepsie campus is the only site in the world where the company builds its mainframe systems. The company also plans to make the site its global hub for quantum computing development.

Got a tip, comment or story idea? Contact Mark Weiner anytime by: Email | Twitter | Facebook | 571-970-3751

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Thu, 06 Oct 2022 00:43:39 -0500 en-US text/html https://www.msn.com/en-us/money/other/ibm-to-invest-20-billion-to-expand-manufacturing-research-in-hudson-valley/ar-AA12EU6m
Killexams : Celonis Introduces New Perspectives for Business Execution at Celosphere 2022 on November 9 - 10 in Munich, Germany

Celonis, the global leader in execution management, today announced that the world's top process mining and execution management experts will convene at Celosphere 2022 in Munich, Germany on November 9 -10.

The two-day Celosphere experience is designed from the ground up to create unique curated experiences and to mobilize the top process professionals on earth with the most advanced process and business execution technologies.

Attendees will come away with the learnings, training and certifications needed to wield process mining to help change the way the world works. They will also be the first to train, certify and deploy Celonis' next generation process mining and execution management products that will be unveiled at this unique gathering, receiving exclusive credentials only available at Celosphere 2022. 

"There has never been a more important time in the history of enterprise businesses to rally around the processes that run the world," said Alex Rinke, Celonis co-CEO and co-founder. "By modernizing the way we all find, fix, and optimize our processes - we can fight the tides of inflation, supply chain, food waste, and carbon damage to our planet - literally one process at a time."

Sneak Peek at the Celosphere Experience

Lufthansa Group Member of the Executive Board, Fleet & Technology - Dr. Detlef Kayser: The experience will be headlined by a keynote and fireside chat with Lufthansa Group Executive Board member, Dr. Detlef Kayser, who is responsible for operational processes and standards, commercial and technical fleet management as well as IT and procurement of the Lufthansa Group. Dr. Kayser will share his insights and advice on how advanced process and business execution technology is a strategic pillar in Lufthansa's 16 billion Euro (2021) business - the flagship air transport carrier for Germany and Europe.

Mars VP of Intelligence, Automation & Emerging Tech - Adeel Fudda: Adeel Fudda is a Digital Transformation leader and innovator who consistently drives value creation through global process automation, governance, vendor management, and emerging technologies. His expertise spans Robotic Process Automation (RPA), Artificial Intelligence, & Cognitive Virtual Agents with NLP & Machine Learning capabilities, OCR tools, and Augmented Reality (AR)/Virtual Reality (VR) systems. During his keynote, Mr. Fudda will share how Mars has made process mining part of business as usual at the organization - supporting the entire Mars enterprise harnessing the power of process mining to Boost business execution.

Allianz Partners Chief Operating Officer - Lars Rogge: Mr. Rogge will also take the stage and lead a breakout session discussing the power of process and execution management technology at Allianz Partners. Allianz Partners is a world leader in B2B2C insurance and assistance within the Allianz Group, offering global solutions that span international health and life, travel insurance, international mobility and assistance. Mr. Rogge is responsible for the digital transformation of the Operations area at Allianz Partners, which handled around 65mn assistance cases, 63mn calls and organized 8,500 medical repatriations in 2021 - with commercial activity in 75 countries serving our customers in 70 languages.

ERGO Chief Digital Officer - Mark Klein: Mr. Klein will headline a fireside chat sharing his insights on the value of process mining and digital execution for ERGO - one of the major insurance groups in Germany and Europe. Mr. Klein is renowned for his industry thought leadership on how to inspire people and cultures to digitize processes to create resilient and enduring organizations. In 2021, ERGO received a total premium of 19 billion euros. The group is represented in around 30 countries worldwide offering a comprehensive range of insurances, pensions, investments and services.

Bayer AG CoE Lead for Process Mining - Timo Peters: Mr. Peters, as acting CeloCoE Champion EMEA, will be sharing his top 10 CoE tips. Prior to his role at Bayer and his focus on accelerating the Bayer CoE, Timo built the Nokia CoE. With his operational background, he will present the top ten levers such as the importance of executive sponsors and also talk about hands on experiences, best practices which he has seen talking to many other companies and share very specific operational tips. The session underscores the importance of a CoE as a central accelerator for transformation and will provide the audience with food for thought for their own deployments.

Founder of the Gapminder Foundation - Anna Rosling Roennlund: Attendees can get face-time with the woman widely known for challenging a group of Davos leaders about their perception of the world, and then showing them eye-opening data to prove their misconceptions. Anna, founder of the Gapminder Foundation, an NGO focused on a more fact-based world view, is co-author of the bestselling book "Factfulness," where she dismantles the mega-misconceptions shaping our worldview and shows what the world really looks like, in ways everyone can understand.

Bellwether Industry Leaders: The two day experience will also include mainstage and immersive talks from top industry leaders such as ALDI S?D, BMW Group, BSH Home Appliances Group, Dell Technologies, DHL Supply Chain, EQUANS, Ingka Group (An IKEA Retailer), MANN+HUMMEL Group, Merck & Co., MOL Group, ?KODA AUTO a.s., Stora Enso and many more.

Special AppearancesWil van der Aalst, the renowned professor - and godfather of process mining - and Marc Kerremans, Gartner VP and analyst specializing in process mining, will lead a discussion on the future of process optimization and business execution. R "Ray" Wang, Constellation Group CEO will lead an immersive session on today's biggest challenges around shortages, inflation and recession, and how process mining can help address those challenges. Harpreet Makan, practice director for Everest Group, will lead a session on innovations in process mining, focusing on the Process Mining PEAK Matrix(R) report and her forecast for the industry. Reetika Fleming from HFS Research will focus on implementation best practices and customer success stories, while Maureen Fleming from IDC will participate in a panel for Women in Process Mining.

The Reinvention of Process Mining: The Celonis journey started from humble beginnings a decade ago when the three co-founders were the first to commercialize a solution for finding and fixing process problems hidden inside of ERP, SCM, and CRM systems. At Celosphere 2022 - Celonis will unveil the first of a series of its next generation process mining and business execution products. These new products will introduce a new dimension of business data, intelligence and action for all Celonis products. Celosphere guests will get first hand training and certification so they can immediately deploy the new products in their businesses.

Exclusive Celonis Credential: Celosphere guests will be able to earn the new "Celonis Champion" and "Celonis Builder" credentials. After learning the latest Celonis capabilities at Celosphere and verifying their expertise through the Celonis Academy, attendees will walk away as one of the select few with this badge of honor.

Business Execution Ecosystem: Celosphere will be co-hosted and sponsored by the world's leading GSIs including Accenture, IBM Consulting, McKinsey, ServiceNow, and many others.

Optimizing the Top Line, Bottom Line and Green Line With Processes

Celosphere is the annual gathering point for the world's top experts in process mining and execution management. The one common goal of the Celosphere is to unite the world's top companies to find, fix and modernize their core processes. This creates an unstoppable flywheel of top line, bottom line and green line value.

In 2021, more than 10,000 people attended the online broadcast of Celosphere which was headlined by Julie Sweet, CEO of Accenture; Bob Moritz, CEO of PWC; Mark Foster, Chairman IBM Consulting at IBM; Trevor Noah, and Megan Rapinoe.

Register here to attend Celosphere 2022  in Munich, Germany.

About Celonis

Celonis reveals and fixes inefficiencies businesses can't see, enabling them to perform at levels they never thought possible. Powered by its market-leading process mining core, the Celonis Execution Management System provides a full set of platform capabilities for business executives and users to eliminate billions in corporate inefficiencies, provide better customer experience and reduce carbon emissions. Celonis has thousands of implementations with global customers and is headquartered in Munich, Germany and New York City, USA with more than 20 offices worldwide.

(C) 2022 Celonis SE. All rights reserved. Celonis, Execution Management System, EMS and the Celonis "droplet" logo are trademarks or registered trademarks of Celonis SE in Germany and other jurisdictions. All other product and company names are trademarks or registered trademarks of their respective owners.

Contact
[email protected]

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Source:  PRNewswire/InfoQuest

Sun, 16 Oct 2022 13:20:00 -0500 en text/html https://www.newswit.com/en/Lq2T
Killexams : Biden: IBM investment to help in tech competition with China

POUGHKEEPSIE, N.Y. (AP) — President Joe Biden predicted Thursday a $20 billion investment by IBM in New York's Hudson River Valley will help give the United States a technological edge against China, hailing the expansion during an appearance with two House Democrats in competitive races in next month's critical elections.

The president cited IBM's commitment as part of a larger manufacturing boom, spurred by this summer's passage of a $280 billion measure intended to boost the semiconductor industry and scientific research. That legislation was needed for national and economic security, Biden said in Poughkeepsie, adding that “the Chinese Communist Party actively lobbied against” it.

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“The United States has to lead the world of producing these advanced chips — this law is going to make sure that it will,” Biden said.

The speech was part of a whirlwind trip that focused heavily on campaigning and included two fundraising events. During one, he warned that Russian President Vladimir Putin's threat about using nuclear weapons as his Ukrainian invasion has floundered is the most severe “threat of Armageddon” since Cuban Missile Crisis in 1962.

Democratic candidates have largely avoided election-year appearances with Biden, whose approval ratings remain underwater. Bucking that trend in New York were Reps. Sean Patrick Maloney and Pat Ryan, who attended the president's remarks at IBM.

The lawmakers, along with Democratic Gov. Kathy Hochul, greeted Biden upon his arrival at Stewart Air National Guard Base.

“When I heard @POTUS was looking to see the benefits of the CHIPS & Science Act first-hand, I told him that the Hudson Valley was the perfect place,” Maloney wrote Wednesday on Twitter. “I’m thrilled to host him in Poughkeepsie this week to celebrate the major wins and good-paying jobs we are delivering here in NY.”

The CHIPS and Science Act, which Biden signed in August, was a rare bill for which the president was able to win bipartisan support.

IBM's $20 billion investment over the next decade is intended to bolster research and development and the manufacture of semiconductors, mainframe technology, artificial intelligence and quantum computing.

“As we tackle large-scale technological challenges in climate, energy, transportation and more, we must continue to invest in innovation and discovery — because advanced technologies are key to solving these problems and driving economic prosperity, including better jobs, for millions of Americans," said Arvind Krishna, IBM's chairman and CEO.

IBM's commitment comes on the heels of chipmaker Micron announcing this week an investment of up to $100 billion over the next 20-plus years to build a plant in upstate New York that could create 9,000 factory jobs. In his remarks, Biden also celebrated Intel's plant groundbreaking in Ohio and an investment by WolfSpeed for chip production in North Carolina.

Maloney, chairman of the Democratic congressional campaign fundraising arm, is running against Republican state Assemblyman Mike Lawler in the 17th Congressional District. Ryan faces state Assemblyman Colin Schmitt in the 18th District.

The boundaries of most New York districts, including Maloney's and Ryan’s, have been affected by redistricting.

Ryan in August won a close special election to serve out the term of Democrat Antonio Delgado, who vacated his 19th District seat after he was appointed lieutenant governor by Hochul. Ryan is running for a full term in the 18th District, where he lives.

Maloney, who had represented that district since 2013, decided to run in the 17th District. His Hudson Valley home fell inside the new boundaries after redistricting.

Hochul, who took office last year after Democrat Andrew Cuomo resigned amid sexual harassment allegations, is looking to win a full term as governor. Her opponent is Republican Rep. Lee Zeldin.

Later Thursday, Biden spoke out against Republicans at a fundraiser at the home of New Jersey Gov. Phil Murphy in support of the Democratic National Committee. The president has warned that followers of former President Donald Trump who deny the results of the 2020 presidential election are a threat to U.S. democracy, labeling them through Trump's slogan of “Make America Great Again.”

“Not all Republicans are MAGA Republicans," he said, but a “good 35% are Trumpites."

In the evening, Biden attended a Democratic Senatorial Campaign Committee fundraiser in Manhattan hosted by James Murdoch, the son of News Corp. publisher Rupert Murdoch. He warned about Putin hinting in a speech last month about deploying Russia's nuclear arsenal, a possible response to the exact loss of territory to Ukrainian forces.

“We have not faced the prospect of Armageddon since Kennedy and the Cuban Missile Crisis,” Biden said.

James Murdoch and his wife, Kathryn, a climate change activist, were major donors to Biden’s 2020 presidential campaign. In 2020, Murdoch resigned from the board of News Corp. amid differences over editorial content at his father's company, which operates The Wall Street Journal and the New York Post. The elder Murdoch is also chairman of Fox Corp., which includes Fox News Channel.

While Biden has been kept at arms length by many Democratic candidates, he's been a prodigious fundraiser for his party this election cycle, raising more than $19.6 million for the Democratic National Committee.

Associated Press writers Michelle L. Price in New York City and Michael Catalini in Trenton, New Jersey, contributed to this report.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Thu, 06 Oct 2022 07:42:00 -0500 en text/html https://omaha.com/news/science/biden-ibm-investment-to-help-in-tech-competition-with-china/article_e4866eb9-bc1e-567d-b5cd-7e863b664916.html
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