Micron to get $6.1 billion in US funding for chip plants in New York, Idaho

The US government has been splashing cash and grants from its CHIPS Act, with US-based Micron Technology receiving $6.1 billion to produce advanced memory chips in New York and Idaho.

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Senate Majority Leader Chuck Schumer personally courted Micron to build four new chip factories near Syracuse in the town of Clay, where he said: "It will be the biggest memory chip plant in America, for the Syracuse area, this is the best thing that's happened probably since the Erie Canal".

The mention of the Erie Canal dates back to the 1825 infrastructure project that connected the Great Lakes to the Atlantic Ocean, with Schumer underlining how big of an economic impact -- and national security -- these new deals are creating with Micron.

Micron will use the $6.1 billion grants from the US government on its new memory plants in New York and Idaho while also planning to invest $100 billion in upstate New York over the next 20 years. This gigantic investment is estimated to create 9000 direct jobs, and 40,000 construction jobs over 20 years. The memory giant also announced plans for a new $15 billion memory chip plant in its hometown of Boise, Idaho.

Intel recently secured itself $19.5 billion in funding from the CHIPS Act for US semiconductor manufacturing, with TSMC, SK hynix, and Samsung also receiving multi-billion-dollar funding from the CHIPS Act recently. The next few years are going to be pivotal to the United States, as it is well and truly ramping up its semiconductor and advanced chip/packaging facilities.