Micron Awarded $6.1B to Expand Chip Manufacturing in New York, Idaho

Memory chip maker pledges to invest $100 billion over the next two decades to expand U.S. semiconductor efforts

Ben Wodecki, Jr. Editor

April 19, 2024

2 Min Read
A sign on the side of a building
Hector Retamal/AFP via Getty Images

Micron Technology is the latest in a growing number of semiconductor manufacturers to secure funding agreements with the Commerce Department to expand production efforts in the U.S.

The Idaho-based chip manufacturer will receive $6.1 billion in direct funding under the CHIPS and Science Act to build production facilities in its home state and New York.

Micron manufactures memory chips found in an array of applications from consumer electronics and computing devices to smartphones and data centers.

Among its portfolio, Micron builds DRAM chips, vital for AI model training by providing storage capacities necessary for handling large datasets.

Its high-bandwidth memory solutions, including its HBM3E cubes are designed to support GPUs, helping reduce power consumption during AI workloads.

Micron has pledged to invest more than $100 billion over the next two decades to expand its U.S. efforts. The company would be entitled to tax credits of up to 25% on its investments.

Senate majority leader Chuck Schumer announced the news, saying it would create an estimated 50,000 jobs in New York alone.

“From smartphones to AI to our nation’s most sensitive defense technologies, the memory chips Micron makes are in nearly every product of our modern economy,” Schumer said. “But, as the pandemic showed, when we don’t shore up our supply chains and make these chips in America, we can be left vulnerable, prices can skyrocket, and our national security can be threatened. This investment will build a more secure economy for the entire country and strengthen our national security.”

Related:Samsung Secures $6.4B to Expand Chip Production in Texas

Micron follows a growing number of chip manufacturers looking to take advantage of CHIPs and Science Act funding. In the last month alone, Samsung, Taiwan Semiconductor Manufacturing Company, Intel and GlobalFoundries have all secured funding agreements to expand their U.S. facilities.

The Commerce Department has received more than 630 statements of interest and more than 180 applications to receive CHIPS and Science Act funding.

About the Author(s)

Ben Wodecki

Jr. Editor

Ben Wodecki is the Jr. Editor of AI Business, covering a wide range of AI content. Ben joined the team in March 2021 as assistant editor and was promoted to Jr. Editor. He has written for The New Statesman, Intellectual Property Magazine, and The Telegraph India, among others. He holds an MSc in Digital Journalism from Middlesex University.

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