The Department of Commerce has awarded Micron Technology up to $6.165 billion in direct funding under the CHIPS Incentives Program's Funding Opportunity to boost production of memory chips.
This will support the only U.S. based manufacturer of memory chips in the construction of several state-of-the-art memory chips facilities as part of its $125 billion investment over the next few decades.
With this funding, Micron plans to expand the development and production of the most advanced memory semiconductor technology in New York and Idaho, according to the U.S. Department of Commerce.
Micron plans to invest approximately $100 billion in New York and $25 billion in Idaho, creating at least 20,000 jobs by the end of the decade.
These investments will help the U.S. grow its share of advanced memory manufacturing to 10 percent over the next decade.
Additionally, the Department of Commerce announced that it agreed to preliminary terms with Micron for an additional $275 million investment to expand the semiconductor giant's facility in Manassas, Virginia, and onshore a critical technology relied upon by the U.S. defense industry, automotive sector, and national security community. Supporting a stable supply of Micron's 1-alpha technology would advance U.S. supply chain resiliency because the legacy DRAM memory chips that would be made there are important components for the automotive and industrial markets.
The Department said it will disburse the funds based on Micron's completion of project milestones.
This investment will help strengthen U.S. economic resiliency by bolstering a reliable domestic supply of leading-edge DRAM chips that are important components for advanced technologies such as, personal computing, industrial, high-performance compute, automotive, industrial, wireless communications and artificial intelligence. Micron's DRAM chips also power the company's performance memory, known as High-Bandwidth Memory (HBM), which is critical for enabling new AI models. With this funding, Micron plans to expand the development and production of the most advanced memory semiconductor technology in New York and Idaho and is committing to spend approximately $50 billion before the end of the decade.
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