The U.S. Department of Commerce has finalized a nearly $6 billion subsidy for Micron Technology to support domestic semiconductor facility construction in New York and Idaho. This funding is among the largest under the CHIPS and Science Act and is expected to create over 20,000 jobs by 2030. Micron and the Commerce Department also outlined an additional $275 million investment to expand the company's Virginia plant, which produces chips for automotive and defense markets. The Biden administration's focus on domestic chip production aims to reduce reliance on China and Taiwan.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The U.S. Department of Commerce has finalized a nearly $6 billion subsidy for Micron Technology
00:07to support domestic semiconductor facility construction in New York and Idaho. This
00:12funding is among the largest under the Chips and Science Act and is expected to create over
00:1620,000 jobs by 2030. Micron and the Commerce Department also outlined an additional $275
00:22million investment to expand the company's Virginia plant, which produces chips for
00:27automotive and defense markets. The Biden administration's focus on domestic chip
00:31production aims to reduce reliance on China and Taiwan. For all things money,
00:35visit Benzinga.com slash GSTV.