President Joe Biden came to the Hudson Valley on Thursday to tout a $20 billion investment by IBM that could create more than 10,000 jobs statewide. The visit comes days after state and federal leaders announced a $100 billion investment over two decades by Micron Technology in Central New York.

Richard Honen, partner at Phillips Lytle, said New York state is well positioned for this kind of investment due to its strong higher education system and other investments like GlobalFoundries in Malta.

The announcements come after the federal passage of the CHIPS and Science Act and a similar bill on the state level.

Honen said the pieces of legislation helped build a runway to spur investment to create more chips in the Empire State. The investments come after years of other countries like China producing chips which were invented in the United States. Honen argues the U.S. is good at innovation, inventing and making things, but the challenge is making things cheaply, which foreign countries have been able to do.

During his visit, the president said that building chips domestically, which are so prevalent in many of the devices that we use every day, is a national security issue. While China, which produces a large number of these chips, is a competitor now, geopolitical changes could put the United States in a precarious situation.