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.
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.
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