Micron Technology says it’ll make $40 billion investment and create up to 40,000 jobs

Micron Technology MU, -1.62% said it was planning to invest $40 billion through the end of the decade and create as many as 40,000 jobs in what it called the largest-ever investment in U.S. memory chip manufacturing. Micron said it’ll use grants and credits made possible by the CHIPS and Science Act and begin production in the second half of the decade. The Boise, Idaho company said it will grow domestic production of memory from less than 2% to up to 10% of the global market. The White House in its own statement mentioned the Micron investment, along with Qualcomm’s QCOM, -1.60% plan to boost chip production by 50% over the next five years, and the partnership of Qualcomm and GlobalFoundries GFS, +11.49% to spend $4.2 billion on expanding GlobalFoundries’ upstate New York facility.