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The U.S.-based company announces its investment plans just days after President Biden signed an executive order to implement the $280 billion spending package for the CHIPS and Science Act of 2022.
Semiconductor manufacturer Micron Technology revealed plans to invest $15 billion to build a brand-new plant in its home state of Idaho, just weeks after Biden administration passed the bipartisan CHIPS and Science Act of 2022 that will increase domestic chip manufacturing.
The Boise, Idaho-based company, which is the only U.S.-based computer memory manufacturer, said that the new plant will be the first new memory manufacturing fab built in the U.S. in 20 years, which will help fuel the data center and automotive industries.
Micron CEO Sanjay Mehrotra thanked the Biden administration for finishing the bipartisan chips legislation in a statement on Thursday. “Our new leading-edge memory manufacturing fab will fuel US technology leadership, ensuring a reliable domestic supply of semiconductors that is critical to economic and national security,” he said.
President Joe Biden also acknowledged Micron’s latest investment in a statement on Thursday, referring to it as “another big win for America.”
After earning Congress’ approval, Biden signed the executive order to implement the $280 billion spending package for the CHIPS and Science Act of 2022 on August 25 that would allow the billions to reach manufacturers like Micron and Intel. The President said that the plan is to quickly increase production of semiconductors, strengthen research and design leadership, and grow a diverse semiconductor workforce to give the U.S. a competitive edge globally.
Following the signing of the bill in August, many tech leaders praised the measure, which will inject $52 billion in subsidies and tax credits into chip manufacturing and research. Micron, for its part, announced plans to invest $40 billion through 2029 to build memory manufacturing in multiple phases in the U.S.
The new plant will be the first of Micron’s multiple planned U.S. investments and represents the largest private investment ever made in Idaho, according to the company.
The new manufacturing lab will be located alongside Micron’s R&D center at the company’s headquarters, the company said. It will create more than 17,000 new American jobs, including approximately 2,000 direct Micron jobs, by the end of the decade, Micron said.
Micron stock rose a little more than one percent on Thursday to $57.31.