Micron Technology And The Biden-Harris Administration Have Signed A Non-binding Preliminary Memorandum Of Terms For $6.1B In Funding Under The CHIPS And Science Act To Support Planned Memory Manufacturing In Idaho And New York
Portfolio Pulse from Benzinga Newsdesk
Micron Technology has signed a preliminary memorandum with the Biden-Harris Administration for $6.1B in funding under the CHIPS and Science Act. This funding will support Micron's $50B investment in U.S. memory manufacturing in Idaho and New York through 2030, including the construction of three leading-edge memory fabs.
April 25, 2024 | 9:36 am
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POSITIVE IMPACT
Micron Technology's agreement for $6.1B funding under the CHIPS Act supports its extensive $50B U.S. memory manufacturing investment, potentially enhancing its competitive position and future revenue prospects.
The funding from the CHIPS and Science Act is a significant financial boost for Micron, directly supporting its ambitious $50 billion investment plan in U.S. memory manufacturing. This strategic move not only strengthens Micron's manufacturing capabilities but also aligns with U.S. policy goals to enhance domestic semiconductor production. The direct financial support and the strategic importance of expanding U.S. semiconductor manufacturing capabilities are likely to positively impact Micron's stock in the short term by improving investor sentiment and potentially leading to better financial performance as the projects progress.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100