U.S. Commerce Dept. Awards Micron $6.1B for Chip Manufacturing in NY, ID, VA, Creating 20,000+ Jobs

Dec 10, 2024, 04:48 PM

The U.S. Commerce Department has finalized a significant investment in Micron Technology Inc., providing a subsidy of more than $6.1 billion under the CHIPS and Science Act. This funding is aimed at supporting Micron's expansion of semiconductor manufacturing facilities in New York, Idaho, and Virginia. The agreement includes up to $6.165 billion in direct funding, with an additional $275 million allocated for expansion in Virginia. This investment is part of a broader initiative to enhance domestic semiconductor production, create over 20,000 jobs by 2030, and bolster national security by reducing reliance on foreign manufacturing. Following the announcement, Micron shares rose 1% in pre-market trading. The move supports Micron's planned $100+ billion public-private investment in New York and includes funding for facilities critical for defense.