12:52 PM EDT, 06/02/2025 (MT Newswires) -- International Business Machines ( IBM ) said Monday it laucnhed watsonx AI Labs, a new innovation hub in New York City that will help developers build and scale their artificial intelligence applications for business users.

IBM ( IBM ) selected Midtown Manhattan to house watsonx AI Labs to take advantage of the recent influx of more than 2,000 AI startups into the city and a 25% jump in AI-related employment between 2022 to 2023, IBM ( IBM ) said, citing Tech:NYC data.

The technology company also said it is expecting to collaborate with local universities and research institutions to assist entrepreneurs in addition to likely investing a portion of its $500 million AI Venture Fund in several local startups.

Shares were 0.8% higher in recent trading.

Price: 260.80, Change: +2.00, Percent Change: +0.77