Updated Oct 4, 2022 - Economy

Micron to spend up to $100B on new chip factory in New York

Micron Technology headquarters in Biose, Idaho, U.S.

Micron Technology headquarters in Biose, Idaho. Photo: Jeremy Erickson/Bloomberg via Getty Images

Memory chip maker Micron will commit up to $100 billion over the next two decades to build a computer chip factory in upstate New York, the company announced Tuesday.

Why it matters: The U.S. government has invested in semiconductors through the CHIPS and Science Act of 2022, which provides grants for companies to build computer chip factories in the United States.

Details: The new chip factory complex, which will be built about 15 miles north of Syracuse, will look to "increase domestic supply of leading-edge memory," the company said.

  • Micron said it would invest $20 billion by the end of this decade.
  • The company, which plans to invest $500 million in New York's workforce and community development, said the new factory would create at least 50,000 jobs.

What they're saying: "To those who doubted that America could dominate the industries of the future, I say this — you should never bet against the American people," President Biden said in a statement Tuesday about the announcement.

  • "Today is another win for America, and another massive new investment in America spurred by my economic plan."

Micron president and CEO Sanjay Mehrotra said in a statement that the "historic leading-edge memory megafab in Central New York will deliver benefits beyond the semiconductor industry by strengthening U.S. technology leadership as well as economic and national security, driving American innovation and competitiveness for decades to come."

  • "There is no doubt that without the CHIPS act, we would not be here today," Mehrotra said, per the New York Times.

Go deeper: Micron to spend $150 billion on chip plants

Editor's note: This article has been updated with a statement from Biden.

Go deeper