Chip Maker Firm Micron Set to Receive $6.1 Billion in Chip Grants From US By CIOTechOutlook Team

Chip Maker Firm Micron Set to Receive $6.1 Billion in Chip Grants From US

CIOTechOutlook Team | Friday, 19 April 2024, 03:02 IST

Micron Technology, a semiconductor manufacturing company, is set to receive $6.1 billion in awards from the U.S. Commerce Department to help pay for homegrown chip manufacturing plant projects, Senator Chuck Schumer added.

The honor, which isn't yet concluded, will support chipmaking offices in New York and Idaho from the CHIPS and Science regulation, the senator mentioned.

"This monumental and historic federal investment will power and propel Micron to bring its transformative $100+ billion four-fab project in central New York to life, creating an estimated 50,000 jobs," said Senator Schumer.

The Governor of New York, Kathy Hochul, said in an explanation that the biggest private funding in American history is headed to Central New York.

The firm intends to fabricate a complex of chip plants in New York over the following 20 years, the senator said. In the previous, Biden has reported a few subsidizing drives, including almost $20 billion for credits and awards for Intel and a $1.5 billion award to GlobalFoundries.

With a cost of $52.7 billion, the CHIPS's Act will probably decrease dependence on China and Taiwan and promote homegrown creation, as the U.S. share in worldwide semiconductor manufacturing limit has tumbled from 37% in 1990 to 12% in 2020, as per the Semiconductor Industry Association.