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According to upstate New York urban legend, the potato chip traces its roots back to an aptly named Saratoga Springs cook named George Crum in 1853. Now, the Big Apple's upstairs neighbor is about to become well-known for an entirely different kind of chip.
On Tuesday, semiconductor company Micron announced a $100 billion investment to build a computer chip factory just outside Syracuse -- marking a significant development as the US tries to reduce its dependency on foreign-made chips and the supply chains it takes to get them here.
With the cold war over technological advancements heating up, semiconductors are worth more than their weight in gold or diamonds or whatever other precious resource you can think of -- and Taiwan holds all the cards. The island nation is responsible for almost 65% of semiconductor production and over 90% of advanced chips, according to Trendforce and Boston Consulting. All well and good, but China's increasingly antagonistic actions toward its small neighbor has the US tech industry, as well as national security leaders, starting to sweat.
In August, politicians on both sides of the aisle helped pass the $280 billion CHIPS and Science Act to shrink the domestic chip gap. Now, Micron is looking to take advantage of the bill's fiscal incentives with the largest private-sector investment in New York state history (according to Governor Kathy Hochul) and plans to erect the largest semiconductor fabrication facility in US history:
Fabricated Reality: Micron's not the first company to take advantage of the CHIPS act. Intel announced last month a $20 billion chip plant in Ohio and previously invested another $20 billion in an Arizona factory hub last year. In September, Micron also announced a $15 billion facility in Idaho, the nation's largest producer of potatoes and home of Teton Valley Potato Chips.
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