WASHINGTON (dpa-AFX) - Micron said on Tuesday that it would invest $40 billion between now and 2030 to manufacture chips in the U.S. The investment is supported by grants and credits from the Chips and Science Act, a bipartisan bill that was signed in law last week.
Micron said it will create up to 40,000 jobs in the U.S., including 5,000 highly paid technical and operational roles. The company said the additional capacity will bring the U.S. market share of memory chip production from 2-10 percent. Micron expects to begin production in the second half of the decade.
The specific plans for the investment will come in weeks, Micron added. The Chips and Science Act aims to revitalize domestic chip manufacturing and boost U.S. competitiveness with China. The U.S. produces about 10 percent of the world's supply of semiconductors, but otherwise relies on East Asia for 75 percent of the global production.
The Chips Act also pushed Qualcomm to commit to spending an additional $4.2 billion on chips from GlobalFoundries' New York facility. Qualcomm, also announced plans to increase semiconductor production in the U.S. by 50 percent over the next five years.
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