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Micron announces 1.2 trillion yuan investment in US production in response to chip bill

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BidenPresident signed todayWaferPrior to the act, US semiconductor giant Micron Technology announced that the company plans toinvest$40 billion in domestic production of chips.

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Micron Technology Inc. said it expects to begin producing the chips domestically in the second half of 2020, a major investment that will ensure US national security and supply chain resilience as demand for memory grows.

Micron also said that the company expects to create 40,000 new jobs in the United States. Further details about Micron’s plans to expand its US investments will be announced in the “coming weeks.”

Biden signed the CHIPS and Science Act of 2022 (CHIPS Act) at the White House today, with Micron President and CEO Sanjay Mehrotra also present. It is expected that Micron will take advantage of the subsidies and tax credits provided by the bill.

Merotra called the legislation “an important step toward consolidating the leadership of the US semiconductor industry for decades to come.”

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