Micron Technology's stock rose 2.47% in pre-market trading after securing a $6.1 billion investment for new memory chip facilities in New York and Idaho, expected to create 20,000 jobs by decade's end. An additional $275 million investment is planned for expanding its Virginia facility. This initiative aims to boost the U.S. share of advanced memory manufacturing to 10% over the next decade, amid challenges in securing CHIPS Act grants.

The U.S. Department of Commerce has reached a preliminary agreement with Micron (NASDAQ:MU) to provide up to ~$6.14B in direct funding under the CHIPS and Science Act. This grant will support the construction of two fabs in Clay, New York, and one fab in Boise, Idaho, unleashing approximately $50B in private investment by 2030 as the first step tow...