On Tuesday, Chipmaker Micron Technology is also set to invest more than USD 100 billion over the next 20-plus years to build a computer chip factory complex in upstate New York to boost domestic chip manufacturing.
The project, which Micron claims would be the world’s largest semiconductor fabrication facility, is generated to produce nearly 50,000 jobs in New York; by the end of this decade, the company would invest around USD 20 billion in the first phase.

In August, Micron announced that through the end of this decade, it plans to invest USD 40 billion towards building memory manufacturing in multiple phases in the United States. After President Joe Biden signed the CHIPS and Science Act in August, new chip investment was spurted. The American President introduced providing around USD 52.7 billion in subsidies for US semiconductor production and research to boost competitiveness with China. The previous month, Intel Corp and Canadian Brookfield Asset Management nodded to jointly fund more than USD 30 billion for chip manufacturers in Arizona.

On Tuesday, Biden admired Micron for the investment in manufacturing. He termed it as another win for America and is likely to create tens of thousands of high-paying jobs. Last week Sanjay Mehrotra, Chief Executive of Micron, said that Micron had made a significant reduction to CAPEX, which would be down more than 30 per cent at about USD 8 billion for the Financial year 2023 as PCs and smartphone demand pace slows.