Senate Majority Leader Chuck Schumer on Tuesday cheered a decision by Micron Technology to invest up to $100 billion over the next 20-plus years to build a computer chip factory complex in upstate New York.
The project, which Micron claims will be the world's largest semiconductor fabrication facility, is expected to create nearly 50,000 jobs in the state.
The senator from New York said it was the biggest private-sector investment in the state's history.
SCHUMER: "Now if there is a word to describe today, it's transformational. Transformational for upstate New York, transformational for America."
U.S. President Joe Biden also praised Micron's decision, calling it "another win for America," after signing the CHIPS and Science Act into law in August.
The act, which aims to revitalize chip manufacturing in the U.S. and boost competitiveness with China, provides more than $52 billion in subsidies for U.S. semiconductor production and research.
Micron Technology CEO Sanjay Mehrotra:
"Memory and storage represent 30%, three-zero percent of the semiconductor industry, the global semiconductor industry revenue. And we expect the memory market to double by the end of this decade, requiring even more manufacturing capacity."
Shares of Micron rose as much as nearly 6% on Tuesday amid broader gains.
