IBM will be teaming up with Chartered, in an attempt to speed up development of a 32nm CMOS process, giving both companies a huge time advantage over other semiconductor manufacturers around the world. Chartered will be more involved on the manufacturing side then the development side, as IBM will probably outsource their production to them:

“Today’s announcement demonstrates IBM and Chartered’s commitment to next-generation technology, and promises to extend our track record of success in developing solutions for our customers,” said Lisa Su, vice president, semiconductor research and development center, IBM. “The combination of Chartered’s manufacturing horsepower and IBM’s innovation roadmap positions us well for continued leadership in the future.”
This comes not too long after IBM also signed up with Sony and Toshiba to develop a 32nm process, and IBM signed up with AMD to develop a 22nm process. One thing's for sure, with all the competition between AMD and Intel, IBM will definitely not come out the loser in all of this.