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U.S. finalizes $6.1B+ Chips Act funding with Micron

^{Published on 2024-12-10 06:42:16 - MSN}
 

• The U.S. Department of Commerce has finalized one of its largest awards to date with memory chipmaker Micron Technology (NASDAQ:MU), the White House said in a statement on Tuesday. The Boise, Idaho-based company had announced a preliminary memorandum of terms with the Department in April for up to ~$6.

The U.S. Department of Commerce has finalized a $6.1 billion funding agreement with Micron Technology 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 up to $125 billion over the next two decades to establish a leading-edge memory manufacturing ecosystem in the U.S. 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 critical technology components.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/markets/u-s-finalizes-6-1b-chips-act-funding-with-micron/ar-AA1vACgA ]

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