IBM and MIT are building a 100-person artificial intelligence research lab and business incubator

Two of the biggest three-letter acronyms in technology are teaming up, again. Today IBM and MIT announced a new joint project to research artificial intelligence, such as developing better algorithms and to foster AI startups. IBM is dropping $240 million, over 10 years, into the MIT–IBM Watson AI Lab. The lab, which IBM says opens "immediately," will eventually house more than 100 scientists, professors, and students. They will collaborate with staffers at IBM's Watson Health and Watson Security centers, also in Cambridge, Massachusetts.