Memory chip manufacturer Micron Technology (MU.O) is poised to receive $6.1 billion in grants from the U.S. Commerce Department to fund domestic chip factory projects, announced Democratic U.S. Senate Majority Leader Chuck Schumer on Thursday. The grants, pending finalization, will support chipmaking facilities in New York and Idaho under the CHIPS & Science law, according to the statement from the New York senator.
Schumer highlighted the significance of this federal investment, stating it will facilitate Micron’s transformative $100+ billion four-fab project in central New York, potentially creating around 50,000 jobs. Micron intends to construct a series of chip plants in New York over the next two decades, as outlined by the senator.
This announcement follows a series of Chips Act grants unveiled by the Biden administration in recent weeks, part of the broader effort to bolster domestic chip production and reduce reliance on China and Taiwan. The U.S. share of global semiconductor manufacturing capacity has dwindled over the years, raising concerns about national security and supply chain vulnerabilities. The Chips Act, with an allocation of $52.6 billion, aims to address these challenges by supporting the semiconductor sector with funding and incentives.
