Micron Technology announced on Tuesday that it plans to invest up to $100 billion over the next 20 years in New York to build a computer chip factory complex in an effort to boost domestic chip manufacturing.
The project, which Micron claims will be the world’s largest semiconductor fabrication facility, is expected to create nearly 50,000 jobs in New York, with a $20 billion investment plan in the first phase by the end of this decade.
Micron announced in August that it would invest $40 billion through the end of the decade in memory manufacturing in multiple phases in the United States.
The rapid increase in new chip investments follows President Joe Biden‘s signing of the CHIPS and Science Act in August, which provided $52.7 billion in subsidies for U.S. semiconductor production and research in order to boost competitiveness with China.
Later that month, Intel and Canada’s Brookfield Asset Management agreed to invest up to $30 billion in Arizona chip factories.
Biden praised Micron’s investment in manufacturing on Tuesday, calling it “another win for America” that would create “tens of thousands of good paying jobs.”
Micron CEO Sanjay Mehrotra stated last week that the company has made “significant” cuts to capex, which will be down more than 30% at around $8 billion in fiscal 2023 as demand for PCs and smartphones slows.