Other companies in the Global 450 consortium are Samsung, Taiwan Semiconductor Manufacturing and Globalfoundries
Semiconductor manufacturers, including IBM and Intel, have committed $4.4bn to work on developing chip technology in the state of New York.
The Global 450 Consortium aims to allow the semiconductor companies to share resources as they move to manufacture chips on 450-millimeter wafers, according to Wall Street Journal.
The report said manufacturing chips on 450-millimeter wafers would reduce the cost per processor by increasing the number of chips made on each wafer twice the present standards.
Other companies involved in the project are Samsung, Taiwan Semiconductor Manufacturing and Globalfoundries, the former manufacturing arm of AMD.
The State University of New York College of Nanoscale Science and Engineering (CNSE) chief executive Alain Kaloyeros said the companies also have committed funds for 450-millimeter development and will serve as "associate" members of the new consortium.
"We’re trying to get as many companies signed up as we can," he said.
"All of the companies are a critical component of what’s going to make 450 a success."
The new consortium will work in a new facility being built at CNSE. The companies are expected to run tests on 450 millimeters by 2013.
IBM is committing $3.6bn of the total over a five-year period.