Micron to receive $6.1 billion in chip subsidies from U.S. By Reuters

(Reuters) – Memory chip maker Micron Technology (NASDAQ:) will receive a $6.1 billion grant from the U.S. Department of Commerce to help pay for a domestic chip factory project, Senator Chuck Schumer said on Thursday.

The grant, which has not yet been finalized, will fund chip manufacturing facilities in New York and Idaho under the CHIPS & Science Act, the senators said in a statement.

Senator Schumer said: “This monumental and historic federal investment will advance Micron’s transformational, $100 billion-plus plant four project in central New York, creating approximately 50,000 jobs.

The largest private investment in U.S. history is heading to Central New York, New York Governor Kathy Hochul said in a statement.

Micron plans to build a complex chip factory in New York over the next 20 years, the senator said.

Over the past few months, Biden has announced several funding plans, including about $20 billion in loans and grants to Intel (NASDAQ:) and $1.5 billion in grants to GlobalFoundries (NASDAQ:).

The goal of the CHIPS Act, which includes $52.7 billion in spending, is to reduce dependence on China and Taiwan and increase domestic production. According to Semiconductor, the U.S. share of global semiconductor manufacturing capacity fell from 37% in 1990 to 12% in 2020. Industry Association.