Micron reportedly receiving $6.1B in CHIPS Act funding

Micron Technology reportedly is the next major semiconductor company in line for CHIPS Act funds, as several media outlets stated that the company is set to receive $6.1 billion in grant money through the program, information those reports attributed to Sen. Chuck Schumer (D-NY).

As of Friday, neither Micron nor the office of Sen. Schumer had any confirmation of the news posted on their web sites, and a Bloomberg report suggested that a formal announcement is still forthcoming.

Micron would be just the latest CHIPS Act beneficiary to receive a billion-dollar boost, following recent news that Intel, GlobalFoundries, Samsung, and TSMC each had reached preliminary agreement with the U.S. Department of Commerce for their own CHIPS funding in the multi-billion-dollar range. 

Sen. Schumer has been a key advocate of the CHIPS Act legislation, and also has effusively celebrated every announcement of a new semiconductor manufacturing facility in New York state, including the late 2022 announcement from Micron that it planned to invest $100 billion over 20 years in a large new factory in Clay, New York. It is believed that the CHIPS Act award will be connected directly to that project.

News of the CHIPS award comes about one month after Micron reported strong fiscal second quarter earnings, including revenue of more than $5.8 billion, with an outlook for more growth in its current quarter.