Micron to invest up to $100 billion in semiconductor factory in New York
Reuters
Published Oct 04, 2022 09:43AM ET
Updated Oct 04, 2022 04:21PM ET
(Reuters) -Chipmaker Micron Technology (NASDAQ:MU) said on Tuesday that it planned to invest up to $100 billion over the next 20-plus years to build a computer chip factory complex in upstate New York, in a bid to boost domestic chip manufacturing.
The project, which Micron claims will be the world's largest semiconductor fabrication facility, is expected to create nearly 50,000 jobs in New York, with the first phase investment of $20 billion planned by the end of this decade.
Micron in August announced its plans to invest $40 billion through the end of the decade to build memory manufacturing in multiple phases in the United States.
The spur in new chip investments comes after President Joe Biden signed the CHIPS and Science Act in August, providing $52.7 billion in subsidies for U.S. semiconductor production and research to boost competitiveness with China.
Later that month, Intel Corp (NASDAQ:INTC) and Canada's Brookfield Asset Management agreed to jointly fund up to $30 billion for chip factories in Arizona.
Biden on Tuesday praised Micron for the investment in manufacturing as "another win for America" and would create "tens of thousands of good paying jobs."
Shares of Micron were up 3.1% in early trading, amid broader gains.
Micron Chief Executive Sanjay Mehrotra said last week that the company had made "significant" reductions to capex, which will be down more than 30% at about $8 billion for fiscal 2023 as demand for PCs and smartphones slows. [nL4N3103UN]
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.