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 semiconductor production and research and to boost efforts to make the United States more competitive.

Biden said in a statement. "We will make EVs, chips, fiber optics and other critical components here in America and we will have an economy built from the bottom up and middle out."

Micron did not provide details of the new facility's capacity or the kind of chips it will produce. The expansion comes at a time when Micron has cut its fourth-quarter revenue forecast due to weak demand. Seagate too has slashed its first-quarter expectations.