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Biden to Highlight $6 Billion Agreement with Semiconductor Maker Micron During Syracuse Visit

Joe Biden (Credits: Newswav)

The Biden administration announced a milestone on Thursday, revealing a preliminary agreement with Micron, a semiconductor manufacturer based in Idaho. This agreement marks another step forward in the implementation of the bipartisan CHIPS and Science Act, which aims to bolster domestic semiconductor production.

President Biden is set to travel to Syracuse, N.Y., where he will highlight the benefits of the agreement with Micron, which involves federal funding of up to $6.1 billion. This investment will support the establishment of two manufacturing hubs: one in Clay, N.Y., near Syracuse, and another in Boise, Idaho, where Micron is headquartered.

Biden is giving Micron $6 billion in CHIPS funding (Credits: NPR)

The Clay facility will specialize in cutting-edge DRAM chip production, while the Idaho facility will serve as a high-volume manufacturing hub for DRAM chips and will be located near Micron’s existing research and development facility.

Commerce Secretary Gina Raimondo emphasized the importance of the proposed investment, stating that it aligns with President Biden’s goal of onshoring advanced memory semiconductor technology. This technology is crucial for maintaining leadership in artificial intelligence and safeguarding economic and national security interests.

The federal funding is expected to catalyze a total investment of up to $125 billion by Micron across New York and Idaho over the next two decades. These projects are projected to create over 70,000 jobs, according to the administration.

This visit to Syracuse will be President Biden’s second time focusing on semiconductor manufacturing investments in the region, underscoring the importance of this sector in his economic agenda. His previous visit in October 2022 also centered on Micron’s planned investments in the area.

Biden grants $6 billion to Micron (Credits: Eagle News Online)

In recent months, the Biden administration has been actively engaging with private companies to secure agreements for semiconductor chip manufacturing in the United States under the CHIPS and Science Act.

This law, passed with bipartisan support in 2022, is viewed as essential for enhancing domestic chip production and reducing reliance on foreign supply chains.

Previous preliminary agreements have been reached with companies like Samsung, Intel, GlobalFoundries, and Bae Systems, highlighting the administration’s commitment to strengthening the semiconductor industry in the United States.

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