The Biden-Harris Administration has announced a $6.1 billion grant for Micron Technology Inc. as part of its CHIPS and Science Act initiative to spur domestic semiconductor production. Micron is set to invest around roughly $50 billion in gross capital expenditure through 2030, with plans to construct three new memory chip manufacturing facilities in Idaho and New York.
The CHIPS and Science Act, signed into law in August 2022, aims to bolster U.S. competitiveness, innovation, and national security by incentivizing domestic semiconductor manufacturing and R&D. The Act includes a $52.7 billion investment in American semiconductor research, development, manufacturing, and workforce expansion, with $39 billion allocated for manufacturing incentives.
Micron's projects are expected to create approximately 75,000 jobs over the next two decades and will contribute to strengthening U.S. economic and national security. The company's investments in Idaho and New York are a significant step towards revitalizing America's scientific research and technological leadership while also addressing supply chain vulnerabilities.
This grant for Micron follows similar announcements from the Commerce Department, including awards to Samsung, TSMC, and Intel, as the U.S. seeks to reduce its reliance on foreign chip manufacturing and secure its position in the global semiconductor market.