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Micron to invest $40 billion in US chip manufacturing
By Arghyadeep Dutta - Aug 09, 2022, 02:32 PM ET
Last Updated - Mar 13, 2024, 11:37 AM EDT
Micron Technology Inc (NASDAQ: MU) on Tuesday said it will invest $40 billion through 2030 to manufacture chips in the United States, which would boost its market share from 2% to 10%
Micron Technology Inc (NASDAQ: MU) on Tuesday said it will invest $40 billion through 2030 to manufacture chips in the United States, which would boost its market share from 2% to 10%.
The investment is supported by grants and credits from the CHIPS and Science Act, which President Joe Biden signed on Tuesday.
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Micron said it would create up to 40,000 jobs in the US, including 5,000 highly paid technical and operational roles and expects to begin production in the second half of the decade.
The specific plans of the investment will come in weeks, the memory chip-maker added.
The CHIPS and Science Act aims to revitalize domestic chip manufacturing and boost US competitiveness with China as the nation produces about 10% of the world’s supply of semiconductors and relies on East Asia for 75% of the global production.
“This legislation will enable Micron to grow domestic production of memory from less than 2% to up to 10% of the global market in the next decade, making the US home to the most advanced memory manufacturing and R&D in the world,” Micron President and CEO Sanjay Mehrotra said in a press release.
Picture Credit: The Register
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