U.S. President Joe Biden will travel to Syracuse, New York, on Thursday to announce a preliminary agreement with memory chip maker Micron Technology for up to $6.14 billion in subsidies for two chip factories, the White House said. The agreement signed by the U.S. Commerce Department will fund facilities in New York and Idaho under the 2022 CHIPS and Science Act, which aims to boost domestic manufacturing of chips and reduce reliance on supplies from China and Taiwan. The Commerce Department said the federal grants would support the construction of a fabrication plant, or fab, in Clay, New York, a first step toward Micron's plans to invest about $100 billion in New York and create 13,500 jobs.
The Biden administration announced Thursday that it reached a preliminary agreement with Idaho-based semiconductor manufacturer Micron, the latest in a series of investments through the bipartisan CHIPS and Science Act. The investment will support the construction of two manufacturing hubs, one in Clay, N.Y., outside of Syracuse, and one in Boise, Idaho, where Micron is…
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WASHINGTON (Reuters) -U.S. President Joe Biden traveled to Syracuse, New York, on Thursday and announced a preliminary agreement with memory chip maker Micron Technology for up to $6.14 billion in subsidies for two chip factories. The agreement signed by the U.S. Commerce Department will fund facilities in New York and Idaho under the 2022 CHIPS and Science Act, which aims to boost domestic manufacturing of chips and reduce reliance on supplies from China and Taiwan. Biden said the United States used to have 40% of the chips market but over time production moved outside the country and the pandemic exposed weaknesses in the U.S. supply chain that hurt critical industries.