Besides IBM, which has long conducted chip research in Albany, companies participating in the project include Micron Technology, Applied Materials and Tokyo Electron.

The focus of the effort is the Albany Nanotech Complex, a cluster of research buildings affiliated with the State University of New York at Albany. The state plans to spend about $500 million to build a new 50,000-square-foot clean room building.

A different building is needed to accommodate the next major advance in a technology called lithography, which projects patterns of circuitry on silicon wafers to make chips. Advances in such equipment are needed to create smaller transistors and other circuitry to boost the power of computers and other devices.

The most sophisticated chips are currently made using technology called extreme ultraviolet, or EUV, lithography. The Dutch company ASML is the dominant supplier of the machines, which officials in the United States and the Netherlands have prevented from being sold to China as part of an effort to limit that country’s progress in chip manufacturing.

Albany Nanotech has owned prototype EUV tools and currently operates a commercial version. Under the new plan, New York will invest $500 million to purchase a next-generation EUV system — known by the phrase “High NA,” for numerical aperture — that will allow the center to develop much more advanced chips.