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Micron will spend $40 billion on American chip production.

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On Tuesday, Micron revealed that it would spend $40 billion to produce chips in the United States between now and 2030. The CHIPS and Science Act, a bipartisan bill that President Joe Biden signed into law on Tuesday, provides grants and credits to encourage investment.

Up to 40,000 jobs, including 5,000 highly compensated technical and operational positions, will be created in the U.S., according to Micron. According to the business, the extra capacity will increase market share for memory chip production in the United States from 2% to 10%. Micron anticipates starting production later in the decade. In a few weeks, Micron stated, the precise investment plans will be released.

The CHIPS and Science Act seeks to bolster American competitiveness with China and revive domestic chip manufacturing. About 10% of the world’s supply of semiconductors is produced in the United States, whereas 83% of all semiconductors are produced in East Asia.

Qualcomm pledged to spend an additional $4.2 billion on chips made by GlobalFoundries in New York as a result of the CHIPS Act. The world’s largest fabless semiconductor manufacturer, Qualcomm, has announced ambitions to boost American semiconductor production by 50% over the following five years.

Likewise, Intel in January announced plans to invest up to $100 billion to build a new chip complex in Ohio, starting with an initial $20 billion commitment. The full scope of the project also relies heavily on funding from the CHIPS Act.

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Andrew Sabastian is a tech whiz who is obsessed with everything technology. Basically, he's a software and tech mastermind who likes to feed readers gritty tech news to keep their techie intellects nourished.