Micron Technology and the U.S. Department of Commerce have signed a preliminary memorandum of terms (PMT) funding agreement. As part of the agreement, Micron will receive $6.1 billion from the CHIPS and Science Act. This funding will be used to help Micron build new fabs in New York and Idaho. Additionally, Micron plans to invest over $100 billion over the next two decades, generating tens of thousands of direct and indirect jobs.
What people are saying
In a recent quote, Majority Leader Chuck Schumer said, “This monumental and historic federal investment will power and propel Micron to bring its transformational $100+ billion mega-fab project to life, creating an estimated 50,000 jobs in New York alone and further propelling America’s manufacturing resurgence. With billions in federal investment from my CHIPS & Science law, we are taking the next steps to get shovels in the ground to rebuild industrial regions of the country like Upstate NY with good-paying, middle class jobs and make chips here at home that will power America’s future. From smartphones to AI to our nation’s most sensitive defense technologies, the memory chips Micron makes are in nearly every product of our modern economy.”
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