Biden allocates funds to boost semiconductor production in the US

Summary: President Biden plans to award Micron Technology $6.1 billion in grants to build two chip plants in New York and one in Idaho, with an additional $7.5 billion in loans. This funding is part of the CHIPS Act, aiming to boost semiconductor production in the U.S. The legislation allocated $39 billion for grants to incentivize chipmakers. Biden's announcement follows a successful week, including bipartisan support for his infrastructure plan and aid packages for Ukraine, Israel, and Taiwan.

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