The Clap
Micron (NASDAQ: MU) plans to spend up to $100 billion over the next 20 years to build a new computer chip factory in New York.
The Deets
The decision comes after the US passed a law to encourage local production of computer chips, as the country looks to reduce reliance on foreign computer chip production.
Why this Matters
According to a statement by President Biden, the government is looking to lower the costs of chips by producing them domestically rather than importing them from abroad.
What Now
Micron will invest around $20 billion this decade, creating numerous job opportunities.
Micron breaking the bank on new factory 🤑
