Salem Radio Network News Thursday, February 22, 2024

Business

Micron says federal support necessary for Idaho, New York projects

(Reuters) – Micron Technology said on Monday federal funding and investment tax credits would be necessary to develop its memory chip manufacturing facilities in Boise, Idaho and Clay, New York.

The memory chipmaker said it has submitted applications to the U.S. Department of Commerce for funding under the CHIPS Act, aimed at boosting efforts to diversify supply chains to be less reliant on China.

President Joe Biden last year August signed a landmark bill to provide $52.7 billion in subsidies for U.S. semiconductor production and research.

Micron said in September last year it will invest about $15 billion by 2032 for its facility in Idaho and the investment will create 17,000 jobs by 2030.

A month later, it announced plans to invest up to $100 billion over the next two decades to build what it claims will be the world’s largest semiconductor fabrication facility in upstate New York.

(Reporting by Akash Sriram in Bengaluru; Editing by Shinjini Ganguli)

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