Micron committed to investing $40 billion in new semiconductor manufacturing capacity in the US over the next decade, even as the company warns of financial headwinds due to slipping product demand.
The announcement comes just as President Joe Biden
signed the $280 billion CHIPs and Science Act into the law this morning.
The Idaho-based chipmaker is a leading producer of DRAM and NAND flash memory used in system memory, SSDs, memory cards, and embedded applications. Micron says production on the new facilities will begin in the second half of the decade and will create roughly 40,000 new jobs including about 5,000 high-paid technical and operations roles at the company.
“I thank President Biden, US Secretary of Commerce Gina Raimondo, and the administration as well as as members of Congress for their bipartisan support of the CHIPs and Science Act, which is an important step toward solidifying American semiconductor leadership for decades to come,” Micron CEO Sanjay Mehrotra said in a canned
statement.
He added that the subsidies afforded by the CHIPS bill — which amount to about $52 billion, plus an additional 24 billion in tax breaks — will help the company grow its domestic memory production from less than 2 percent to more than 10 percent of global supply by 2030.
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