Micron Receives $6.2 Billion in Chips Act Funding

Dow Jones12-11

The U.S. government will support Micron Technology, America's largest maker of memory chips.

On Tuesday, the Biden administration announced the Commerce Department has awarded $6.165 billion to Micron via direct funding from the Chips and Science Act. The funding is expected to eventually support 20,000 jobs across New York and Idaho.

Micron is a leader in the markets for DRAM, or dynamic random-access memory, which is used in desktop computers and servers, and for flash memory, which is found in smartphones and solid-state hard drives. It has also become a key supplier of HBM, or high-bandwidth memory, for artificial-intelligence servers.

The government said the funds would "strengthen U.S. economic resiliency" by enabling a reliable domestic supply of advanced technology memory chips needed for computers, industrial, auto, and AI use cases.

"With this investment in Micron, we are delivering on one of the core objectives of the CHIPS program -- onshoring the development and production of the most advanced memory semiconductor technology, which is crucial for safeguarding our leadership on artificial intelligence and protecting our economic and national security," Gina Raimondo, Secretary of Commerce, said in the release.

Congress passed the Chips Act in 2022, setting aside tens of billions of dollars to boost U.S. chip manufacturing.

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