Micron Technology Inc said on Thursday it will invest about $15 billion over the next 10 years in a new memory-chip manufacturing facility in Boise, Idaho, where it is based.

The investment takes into account anticipated federal grants and credits under the CHIPS and Science Act and will create 17,000 jobs by the end of the decade.

President Joe Biden last month signed a bill to provide $52.7 billion in subsidies for U.S. semiconductor production and research and to boost efforts to make the country more competitive.

The capacity expansion comes at a time of weakness in the memory chip market. Micron lowered its fourth-quarter revenue forecast, while peer Seagate Technology Holdings has cut its first-quarter expectations.

Micron has announced plans to invest $40 billion through the end of the decade to build memory manufacturing facilities in multiple phases in the country.

  - Reuters