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This paper studies the relationship between investments in High-Performance Computing (HPC) instrumentation and research competitiveness. Measures of institutional HPC investment are computed from data that is readily available from the Top 500 list, a list that has been published twice a year since 1993 that lists the fastest 500 computers in the world at that time. Institutions that are studied include US doctoral-granting institutions that fall into the very high or high research rankings according to the Carnegie Foundation classifications and additional institutions that have had entries in the Top 500 list.
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