The Biden administration announced Thursday that it has reached a preliminary agreement with Idaho-based semiconductor manufacturing company Micron, the latest in a series of investments under the bipartisan CHIPS and Science Act.
President Biden is scheduled to visit Syracuse, New York, on Thursday to tout the benefits of the agreement with Micron, which includes up to $6.1 billion in federal funding.
The investment will support the construction of two manufacturing sites, one in Clay, New York, just outside of Syracuse, and one in Boise, Idaho, where Micron is based. The Cray facility will focus on producing cutting-edge dynamic random access memory (DRAM) chips, while the Idaho facility will be a high-volume manufacturing hub for producing DRAM chips and will be located near the company’s existing research and development facilities.
“With this proposed investment, we will continue to deliver on one of the core goals of President Biden’s CHIPS program: to protect our nation’s leadership in artificial intelligence and to develop cutting-edge memory semiconductors that are critical to protecting our economy and economy. “We are working to support technology development and production that protects our national security,” Commerce Secretary Gina Raimondo said in a statement.
The White House said federal funding is expected to drive up to $125 billion in investment by manufacturing companies over the next 20 years across New York and Idaho. The two construction projects are expected to create more than 70,000 jobs, the administration said.
Biden’s visit Thursday will be his second to Syracuse to focus on investment in semiconductor manufacturing, a cornerstone of his economic policy. He last visited the region in October 2022, where he also spoke about Micron’s investment plans in the region.
In recent months, the Biden administration has steadily advanced new agreements with private companies investing in U.S. semiconductor chip manufacturing, leveraging funding from the CHIPS and Science Act of 2022, passed with bipartisan support. It has expanded.
Biden has repeatedly emphasized the importance of the CHIPS Act, citing the widespread use of microchips in everyday technology such as phones, cars and home appliances. Officials said the law is important in ramping up domestic chip production to reduce U.S. dependence on overseas supply chains.
The administration has previously signed preliminary agreements with Samsung, Intel, GlobalFoundries and Bay Systems.
Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
