Micron Technology announced its plans to invest $40 billion through the end of the decade to build memory manufacturing in multiple phases in the U.S.
Micron Technology, one of the world’s largest semiconductor companies and the only U.S.-based manufacturer of memory, is aiming to receive grants and credits made possible by the CHIPS and Science Act.
Micron expects to begin production in the second half of the decade, ramping overall supply in line with industry demand trends.
Micron’s planned investment, the largest in memory manufacturing in U.S. history, will create up to 40,000 new American jobs including approximately 5,000 highly paid technical and operational roles at Micron.
Micron is finalizing its specific U.S. expansion plans and will share additional details in the coming weeks.
The announcement, made ahead of Micron executives joining President Joe Biden at the White House for the signing of the momentous CHIPS and Science Act, aligns with the company’s financial plans and is a key element of Micron’s $150+ billion global investment in manufacturing and R&D over the next decade.
“I thank President Biden, U.S. Secretary of Commerce Gina Raimondo and Administration as well as members of Congress for their bipartisan support of the CHIPS and Science Act, which is an important step toward solidifying American semiconductor leadership for decades to come,” said Micron President and CEO Sanjay Mehrotra.
“This legislation will enable Micron to grow domestic production of memory from less than 2 percent to up to 10 percent of the global market in the next decade, making the U.S. home to the most advanced memory manufacturing and R&D in the world.”
Founded in 1978 in Boise, Idaho, Micron is leading memory innovation with over 50,000 lifetime patents and counting. Micron investments in technology advancements included nearly $3 billion of R&D in fiscal year 2021.
Micron has manufacturing and R&D facilities, including the newly established Atlanta Design Center, its Manassas, Virginia manufacturing site and corporate headquarters in Boise.
Memory-chip maker Micron Technology cut its current-quarter revenue forecast on Tuesday and warned of a negative free cash flow in the following quarter as demand for chips used in personal computers and smartphones continues to drop.