Supported by grants and credits from the CHIPS and Science Act that President Joe Biden signed today, semiconductor maker Micron announced it will invest $40 billion between now and 2030 to manufacture chips in the U.S.
The company said it will create up to 40,000 jobs and that it was planning to bring the U.S. market share of memory chip production from 2% to 10%.
The CHIPS and Science Act aims to boost domestic chip manufacturing. The U.S. produces about 10% of the world’s supply of semiconductors but relies on East Asia for 75% of the global production.
CEOs of Micron, Intel, Lockheed Martin, HP and Advanced Micro Devices, cabinet officials and auto industry and union leaders attended the White House’s signing.
The new legislation aims to ease pressure on companies who are struggling with a chip shortage that has affected several industries, mostly car manufacturers.
The CHIPS Act also spurred Qualcomm to commit to spending an additional $4.2 billion on chips. Likewise, Intel announced plans to invest up to $100 billion to build a new chip factory in Ohio.