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Biden Announces $6.14B for Micron's Megafab, Boosting U.S. Chip Production

Apr 25, 2024, 10:15 AM

The U.S. government has reached a preliminary agreement with Micron Technology to provide up to $6.14 billion in funding under the CHIPS and Science Act to support the construction of three new chip-making facilities. This financial aid, which includes up to $6.1 billion in grants and potentially $7.5 billion in loans, aims to boost U.S. semiconductor manufacturing capacity. President Joe Biden will announce this deal in Syracuse, New York, supporting Micron's $125 billion investment to build a 'megafab' in New York and Idaho over the next 20 years.