Micron is investing nearly $100 billion in a chip fab in upstate New York

Semiconductor company Micron Technologies (MU) announced on Tuesday that it will invest up to $100 billion over the next 20 years to build a new computer chip factory in upstate New York.

The New York Times was the first to report the news.

The move comes after the CHIPS and Science Act was signed into law by President Joe Biden in August and the global economy struggled with a chip shortage. The CHIPS and Science Act provides over $54 billion for building chip factories and provides funding for chip research and development.

Sanjay Mehrotra, CEO of Micron, based in Boise, Idaho, commended the CHIPS Act for enabling the investment.

“There is no doubt that without the CHIPS Act we would not be here today,” Mehrotra told the Times.

The CHIPS and Science Act was signed by Sen. Chuck Schumer, DN.Y. championed and opposed by Sen. Bernie Sanders, I-Vt., who described it as a giveaway to the semiconductor industry.

Micron says the project will create nearly 50,000 jobs — 40,000 in supply chain and construction and 9,000 employed directly at Micron.

The factory will be located in Clay, New York, which is approximately 15 miles north of Syracuse.

As of 1:07 p.m. ET Tuesday, shares of Micron were trading at $54.30, up $2.58, or 4.99%.

https://www.ibtimes.com.au/micron-spend-nearly-100-billion-chip-factory-new-york-state-1839200?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Micron is investing nearly $100 billion in a chip fab in upstate New York

Fry Electronics Team

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