U.S. finalizes more than $6.1 billion in chip subsidies for Micron Technology
(Reuters) – The U.S. Commerce Department has finalized more than $6.1 billion in subsidies to memory chip maker Micron Technology (MU) to support the construction of multiple domestic semiconductor facilities, according to a White House statement on Tuesday.
The investment is the same amount as originally announced in April and represents one of the largest government incentives provided to a chip company under the U.S. Chip and Science Act.
It will fund factory projects in New York and Idaho that are expected to create at least 20,000 jobs by the end of the decade.
The U.S. Commerce Department and Micron also reached an agreement on preliminary terms for an additional $275 million investment to expand the chipmaker’s Manassas, Virginia, plant that produces products primarily for the automotive, networking and industrial markets. wafers for sale.
The White House said the additional investment would help “bring onshore critical technologies that our defense industry, automotive industry and national security community rely on.”
President Joe Biden’s administration has doubled down on efforts to boost domestic semiconductor production, seeking to reduce reliance on China and Taiwan. The United States has finalized a series of subsidies, including US$7.86 billion in subsidies to Intel and US$6.6 billion in subsidies to TSMC’s US subsidiary.
The final award comes just weeks before President-elect Donald Trump, who has criticized the program, takes office.
(Reporting by Deborah Sophia in Bengaluru; Editing by Shilpi Majumdar)
