President Joe Biden and Microsoft Corp. MSFT President Brad Smith are set to announce a significant $3.3 billion investment in Wisconsin, a move that contrasts with former President Donald Trump‘s failed tech project in the same state.
What Happened: The announcement will take place in Racine County, Wisconsin, on Wednesday. The investment involves the construction of an artificial intelligence data center on land initially selected for a large-scale project by Taiwanese electronics giant Foxconn, a supplier for Apple.
Trump had previously hailed the Foxconn project as “the eighth wonder of the world,” promising it would bring thousands of high-paying jobs to the U.S. However, the project has been significantly scaled back due to delays and changing plans, creating just over 1,000 jobs so far.
Biden’s announcement comes as part of his efforts to promote bipartisan legislation on infrastructure and semiconductor subsidies, which he claims have spurred a renaissance in domestic manufacturing and brought new investments to communities across the U.S.
Why It Matters: Wisconsin is a key battleground state in the upcoming 2024 elections. Recent polls show Biden trailing Trump in this and other swing states, making this investment announcement a crucial move in his reelection campaign.
Following the announcement, Biden is scheduled to make a campaign stop in Wisconsin, targeting Black voters, a crucial demographic for the Democrats. He will then head to Chicago for a fundraiser as he seeks to build up his cash advantage over Trump.
This investment comes on the heels of Microsoft’s recent introduction of an isolated AI for U.S. intelligence agencies to analyze classified data.
The White House unveiled a comprehensive policy in March to manage potential risks associated with AI use across federal agencies. This policy mandates federal agencies to appoint a chief AI officer, disclose their AI usage, and implement protective measures.
Price Action: Microsoft closed 1.02% lower at $409.34 on Tuesday, according to Benzinga Pro.
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