Micron Technology’s spending will include about $150 billion for domestic manufacturing capacity and another $50 billion for research and development, the company said in a statement on Thursday. Micron said the total is a $30 billion increase from what it had previously planned.
Micron is expected to receive about $6 billion under the Chip Act to build domestic manufacturing capacity.
Micron's investment will also go toward building a plant in Boise, Idaho, and upgrading an existing facility in Manassas, Va. Micron said that, including the latest investment pledge, the investment is expected to create about 90,000 direct and indirect jobs.
The time frame for Micron’s $200 billion overall investment plan was immediately clear. The company has allocated between $7 billion and $12.5 billion in annual capital expenditures in recent years. Its U.S. investments “are likely to span several decades, given the company’s focus on cash generation and potential investor concerns about excessive capital spending,” Bloomberg Intelligence analyst Jake Silverman wrote in a note Thursday.
Source: Bloomberg
