Micron Technology has announced plans to invest up to $100 billion over the next two decades to build a semiconductor manufacturing facility in upstate New York. Thus, the company intends to increase the production of microcircuits in the United States.
The New York facility will be the world's largest semiconductor manufacturing plant. The complex will create about 50,000 jobs in the state. By the end of the current decade, investments in the project will amount to approximately $20 billion.
In August, Micron announced its intention to invest $40 billion by 2030 to build a multi-stage memory manufacturing facility in the US. The company plans to invest $15 billion in a semiconductor fabrication plant in Idaho.
The activity of chip manufacturers is due to the signing of the Law on Chips and Science. The provision provides for $52.7 billion in subsidies for U.S. chip manufacturing and semiconductor research, and to increase the competitiveness of U.S. products.
Also in August, American Intel and Canadian Brookfield entered into an agreement to finance a chip manufacturing plant in Arizona. The parties agreed to allocate up to $30 billion for this project.
Amid reports of plans to build factories in the US, Micron shares rose 3.1%. According to the company's CEO Sanjay Mehrotra, the manufacturer has significantly reduced capital investments, which will decrease by 30%. In fiscal 2023, they will amount to approximately $8 billion due to declining demand for personal computers and mobile devices.