News detail

Micron to Receive $6.1 Billion in US Chips Act Grants for Fab Expansion

22/04/2024

Micron, a leading semiconductor company, is set to receive a substantial boost with a $6.1 billion grant under the US Chips Act. The announcement was made by Senator Chuck Schumer of New York, who revealed that the funding will aid in the establishment of two cutting-edge fabrication plants in New York by 2030, along with another facility in Idaho.

Excitement is brewing as US President Joe Biden is slated to formally announce this significant award during his upcoming visit to Syracuse, New York. Micron has set its sights on Syracuse as a key location for its future endeavors, with plans to construct up to four fabs over the next two decades, amounting to an estimated $100 billion investment.

The grant is a part of the broader initiative under the Chips Act, which has already seen major players such as Intel, TSMC, and Samsung also being awarded substantial grants. In addition to the grants, these firms are eligible for a 25% tax credit on the expenses incurred in building these next-generation fabrication facilities.

This infusion of funds and support underscores the critical role that Micron and other semiconductor giants play in shaping the future of technology and innovation. With these developments, the US semiconductor industry is poised for a significant leap forward, fostering economic growth, job creation, and technological advancement.

US Chips Act

The CHIPS and Science Act is a federal statute in the United States passed by the 117th Congress and signed into law by President Joe Biden on August 9, 2022. This act allocates around $280 billion for enhancing domestic research and semiconductor manufacturing in the country.

US Chips Act

Tags

Cross News

1. Mediatek's Dimensity 9400: Powering the Future wit...

Mediatek's Dimensity 9400: Powering the Future with Arm’s Cortex-X925 CPU

2. PCBA manufacturer with a 13485 certificate

PCBA manufacturer with a 13485 certificate

3. Texas Instruments' Strategic Investment and Fundin...

Texas Instruments' Strategic Investment and Funding Overview

4. CSA signs Spire Global for WildFireSat mission

CSA signs Spire Global for WildFireSat mission

5. The Worth of The Optical Transceiver Market in 202...

The Worth of The Optical Transceiver Market in 2028 is Projected to be $22.3 billion

6. Introducing Vishay's New TX3 Series of Surface-Mou...

Introducing Vishay's New TX3 Series of Surface-Mount Solid Moulded Tantalum Chip Capacitors for Electronic Detonation Systems

7. Nordic Semiconductor Unveils 2.4GHz-Only nRF7001 b...

Nordic Semiconductor Unveils 2.4GHz-Only nRF7001 by Removing 5GHz Radios from Wi-Fi 6 IC

8. Nordic Semiconductor nRF54L15

Nordic Semiconductor nRF54L15

9. Chandrayaan-3: Way to Be First

Chandrayaan-3: Way to Be First

10. Octal High-Side Switches from ST for Efficient Sys...

Octal High-Side Switches from ST for Efficient System Control