Micron Plans to Build a $100 Billion Semiconductor Plant in New York

Micron has described the plant as the "largest semiconductor fabrication facility in the history of the United States."

Micron Plans to Build a $100 Billion Semiconductor Plant in New York

Micron's new semiconductor plant is claimed to create 50,000 jobs in the state

Highlights
  • Micron plans to begin construction of the semiconductor plant in 2024
  • Biden said the investment reflects the importance of Chips and Science Ac
  • Shortages of semiconductors have been a drag on the global economy
Advertisement

Micron announced on Tuesday it will invest up to $100 billion (nearly Rs. 8,14,500) to build semiconductors in New York state, capitalising on the US policies to boost domestic manufacturing of key goods.

The chip giant, which is based in the western state of Idaho, said it plans to begin construction in 2024 on a project expected to be executed over two decades.

New York state is providing $5.5 billion (nearly Rs. 44, 800 crore) in state incentives over the life of the build-out and the project also expects to utilise tax credits under the Chips Act signed into law by President Biden in August, said a Micron news release.

At an event in Syracuse to announce the investment, New York Governor Kathy Hochul likened the drive to a "fourth industrial revolution" and alluded to an improvement in fortunes for a upstate New York region that had lost thousands of manufacturing jobs in earlier decades.

There is "hope of a better tomorrow," Hochul said.

Micron, describing the plant as the "largest semiconductor fabrication facility in the history of the United States," said the venture would create 50,000 jobs in the state, including 9,000 at Micron.

Biden touted the investment as reflecting the importance of the Chips and Science Act, which included around $52 billion (nearly Rs. 4,23,300 crore) to promote production of microchips, the tiny but powerful and relatively hard-to-make components at the heart of almost every modern piece of machinery.

"To those who doubted that America could dominate the industries of the future, I say this -– you should never bet against the American people," Biden said in a news release. "Today is another win for America."
Shortages of semiconductors have been a drag on the global economy during the pandemic, crimping production of automobiles, personal electronics and other goods.

Micron Chief Executive Sanya Mehrota said the investment "will deliver benefits beyond the semiconductor industry by strengthening the US technology leadership as well as economic and national security, driving American innovation and competitiveness for decades to come."


Apple unveiled eight new products at its September ‘Far Out' event. Which ones will float — and which will sink? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Xiaomi 12T, Xiaomi 12T Pro With 5,000mAH Battery, 120W HyperCharge Unveiled: Details
Elon Musk Expected to Go Ahead With $54.20 a Share Twitter Deal: Report
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »