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Factbox-US finalizes more than $6.1 billion funding for Micron under CHIPS Act


Published on 2024-12-10 11:42:28 - MSN
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  • The U.S. Department of Commerce has finalized a subsidy of more than $6.1 billion for Micron Technology, marking one of the largest government awards to chip companies under the U.S. CHIPS and Science Act.

The U.S. Department of Commerce has finalized a deal to provide Micron Technology with over $6.1 billion in funding under the CHIPS and Science Act to boost domestic semiconductor production. This investment aims to support Micron's plans to build new factories in New York and Idaho, with the goal of creating thousands of jobs and enhancing U.S. competitiveness in the global semiconductor market. The funding will help Micron invest approximately $50 billion over the next two decades in these facilities, which are expected to produce memory chips critical for various technologies, including AI, smartphones, and data centers. This initiative is part of a broader effort to reduce reliance on foreign semiconductor supply chains, particularly from Asia, and to secure national security by ensuring a stable supply of advanced chips.

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