Micron To Receive $6 billion Chip Grants From US

Micron Technology, a memory chip manufacturer, is set to receive over $6 billion in grants from the U.S. Commerce Department to support domestic chip factory projects.

While the award is pending finalization, it could be announced as early as next week, according to Bloomberg News report.

New York Governor Kathy Hochul highlighted in a statement that this funding marks the largest private investment in American history and is destined for Central New York.

Also Read: Micron Begins Mass Production Of Memory Chip ‘HBM3E’

Hochul emphasized that the new federal funding, stemming from President Joe Biden’s CHIPS and Science Act, will safeguard 50,000 jobs, fuel a $100 billion investment, and deliver millions of dollars in community benefit.

Biden has recently unveiled multiple funding initiatives, including nearly $20 billion in loans and grants for Intel, as well as $1.5 billion in grants for GlobalFoundries. With an allocation of $52.7 billion, the CHIPS Act aims to reduce dependency on China and Taiwan and bolster domestic production, as the U.S. share in global semiconductor manufacturing capacity has declined from 37% in 1990 to 12% in 2020, according to the Semiconductor Industry Association.

Reuters