Micron set to get $6 billion in chip grants from US: Report - Hindustan Times
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Micron set to get $6 billion in chip grants from US: Report

Reuters |
Apr 18, 2024 08:59 AM IST

The award, which is not yet finalized, could be announced as soon as next week, the report said, citing people familiar with the matter.

Memory chip maker Micron Technology is set to get more than $6 billion in grants from the U.S. Commerce Department to help pay for domestic chip factory projects, Bloomberg News reported on Wednesday.

A smartphone with a displayed Micron logo is placed on a computer motherboard in this illustration.(Reuters)
A smartphone with a displayed Micron logo is placed on a computer motherboard in this illustration.(Reuters)

The award, which is not yet finalized, could be announced as soon as next week, the report said, citing people familiar with the matter.

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New York Governor Kathy Hochul said in a statement that the largest private investment in American history is on its way to Central New York.

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New federal funding from U.S. President Joe Biden's CHIPS and Science Act will help lock in 50,000 jobs, a $100 billion investment, and millions of dollars in community benefits, Hochul added.

Micron and the U.S. Commerce Department did not immediately respond to Reuters requests for comment.

Over the past few months, Biden has announced several funding initiatives, including nearly $20 billion in loans and grants for Intel and a $1.5 billion grant to GlobalFoundries.

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With an outlay of $52.7 billion, the CHIPS Act's goal is to reduce reliance on China and Taiwan and boost domestic production, as the U.S. share in global semiconductor manufacturing capacity has fallen from 37% in 1990 to 12% in 2020, according to the Semiconductor Industry Association.

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