President Joe Biden will travel to Racine, Wisconsin, on Wednesday to announce a $3.3 billion investment by Microsoft to build a new artificial intelligence data center.
The data center will be built on same property of a planned $10 billion Foxconn facility that former President Donald Trump had touted during his presidency as a major revival of tech manufacturing in the U.S.
But those plans never fully materialized. The Taiwan-based electronics manufacturer later drastically scaled back plans for the factory that Trump once called “the eighth wonder of the world,” reducing the number of new jobs from 13,000 to the roughly 1,000 spots that are filled now, the Milwaukee Journal Sentinel reported.
Microsoft’s investment in the artificial intelligence data center is expected to employ 2,300 union construction workers and create 2,000 permanent jobs over time, the White House said, adding that nearly 4,000 jobs have been added in Racine, with one third of those in manufacturing, and 177,000 in Wisconsin since Biden took office.
Microsoft also plans to partner with Gateway Technical college in Wisconsin to develop a training facility for 1,000 residents to prepare them for datacenter and STEM roles by 2030, with the aim of employing up to 2,000 people in permanent roles at its Racine facility, the White House said. The tech giant will also invest in training 1,000 business leaders to adopt AI in their operations.
The Trump campaign did not immediately respond to a request for comment.
Trump has repeatedly claimed that the economy during Biden’s presidency has been worse compared to his time in office, often pointing to rising inflation and interest rates in recent months.
Biden and administration officials have recently traveled to key battleground states to highlight his economic record, such as legislation investing in infrastructure and clean energy, which the president has said leads to the creation of more well-paid jobs based in the U.S.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
