The Biden administration is designating 31 technology hubs touching 32 states and Puerto Rico to help spur innovation and create jobs in the industries that are concentrated in these areas.
President Joe Biden is set to announce the hubs on Monday at the White House with Commerce Secretary Gina Raimondo.
"No matter where I go or who I meet with - CEOs, governors, senators, congresspeople, university presidents - everyone wants to tell me about their application and how excited they are," said Raimondo. The $500 million came from a $10 billion authorization in last year's CHIPS and Science Act to stimulate investments in new technologies such as artificial intelligence, quantum computing and biotech. It's an attempt to expand tech investment that is largely concentrated around a few U.S. cities - Austin, Texas; Boston; New York; San Francisco; and Seattle - to the rest of the country.
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