Micron Technology plans to invest up to $100 billion in constructing a cutting-edge memory chip plant in Clay, New York.

Micron announced the project this morning. Once completed, the semiconductor plant will be the biggest chip manufacturing plant ever built in the United States, according to the company.

Based in Idaho, Micron is one of the world’s largest memory chip providers. The company manufactures flash and DRAM chips for various applications, from datacenter servers to intelligent vehicles. Micron earned $1.49 billion in net profit and $6.64 billion in revenue last quarter.

Micron invests $100 billion over two decades

The business said it will spend up to $100 billion over the next 20 years to create the proposed New York memory chip plant. Micron stated that the first $20 billion will be spent before the decade is out.

According to the business, building preparations for the proposed memory chip plant will start next year. The building process is planned to start in 2024. Micron intends to ramp up chip manufacturing in the second part of the decade to match market demand. Micron anticipates that the plant will ultimately contain up to four cleanrooms totalling 2.4 million square feet.

Funding

The project is expected to generate over 50,000 job opportunities, including around 9,000 at Micron. The chipmaker will create a $500 million fund to engage in community and workforce development, particularly in underprivileged communities.

Micron will provide $250 million to the fund, with another $250 million coming from New York’s Empire State Development agency and other local, state and national partners.

The government subsidies and tax credits made available by the CHIPS and Science Act — which President Joe Biden signed into law on August 9 — make Micron’s proposed $100 billion memory chip plant conceivable. In addition, Micron will get up to $5.5 billion in state tax credits over 20 years from New York.