President Biden will unveil the agreement in New York today. Investment aimed at boosting domestic production.
In its latest move to strengthen domestic chip and semiconductor production, the United States will provide Micron Technologies with $6.14 billion in subsidies under the Chips and Science Act. According to a preliminary publication by the White House, President Joe Biden is set to travel to Syracuse, New York, later today to officially announce the struck agreement between Micron and the Department of Commerce. The funding is the latest in a series of events, following Samsung and TSMC earlier this month. Micron will use the funding for two fabrication plants (fabs) in Clay, New York, and Boise, Idaho. The government funding will be accompanied by $50 billion in investments from Micron itself. The company plans to ramp up its total investment into the two states to $125 billion over the next two decades.
U.S. President Joe Biden signed the Chips and Science Act into law in 2022, providing $52.7 billion in financial support and subsidies for domestic semiconductor research, development, and production. In addition, lawmakers approved $75 billion in government loans.
Photo: iStock/Mykola Pokhodzhay
