Micron Secures $6.1 Billion Subsidy for Chip Production

The Biden Administration has finalized a $6.1 billion subsidy for Micron Technology to enhance domestic semiconductor production, supporting the construction of facilities in New York and Idaho. This funding is part of the CHIPS and Science Act, aimed at increasing U.S. chip manufacturing, particularly to reduce reliance on foreign suppliers. Micron's plans include a $100 billion investment in New York and are projected to create 20,000 jobs by 2030, with an additional 2,000 jobs in Idaho from a $1.5 billion allocation. Additionally, a preliminary agreement for $275 million will help expand its Manassas, Virginia facility, shifting automotive chip production from Taiwan to the U.S. The initiative is viewed as a critical step for national security, with U.S. Senator Chuck Schumer emphasizing its significance for the regional economy and technology leadership. Micron's efforts aim to boost U.S. advanced memory manufacturing from less than 2% to 10% by 2035.