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US finalizes more than $6.1 billion chips subsidy for Micron Technology
The commerce department and Micron have also agreed to preliminary terms for an additional investment of $275 million to expand the chipmaker's facility in Manassas, Virginia, which primarily manufactures chips sold in the automotive, networking and industrial markets. The additional investment will help "onshore a critical technology relied upon by our defense industry, automotive sector and national security community", the White House said. President Joe Biden's administration has doubled down on fueling domestic semiconductor production, seeking to reduce reliance on China and Taiwan.
(Reuters) - The U.S. Department of Commerce has finalized a subsidy of more than $6.1 billion for memory chip maker Micron Technology to support the construction of several domestic semiconductor facilities, according to a White House statement on Tuesday. The commerce department and Micron have also agreed to preliminary terms for an additional investment of $275 million to expand the chipmaker's facility in Manassas, Virginia, which primarily manufactures chips sold in the automotive, networking and industrial markets. The additional investment will help "onshore a critical technology relied upon by our defense industry, automotive sector and national security community", the White House said.
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