Micron to receive over $6 bn in chips grants next week

Micron Technology Inc., the leading US manufacturer of computer memory chips, is positioned to receive $6.1 billion in grants from the Commerce Department to support domestic factory projects, as part of an initiative to reestablish semiconductor production in the United States.

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While the award is still pending finalization, individuals familiar with the matter anticipate its announcement next week. Additionally, Micron, alongside Intel Corp. and Taiwan Semiconductor Manufacturing Co., is expected to accept loans as part of its award package.

However, the exact value of these loans is currently unknown.

Micron shares gained as much as 2.6 per cent in late trading after Bloomberg reported on the planned award. The stock was already up 36 per cent this year through Wednesday's close.

President Joe Biden is scheduled to travel on April 25 to the Syracuse, New York, region as part of the announcement, the people said. Micron, based in Boise, Idaho, is building factories near Syracuse, as well as in its home state.

Representatives for Micron, the Commerce Department and the White House declined to comment.