Biden announces $6 billion chip deal for US manufacturer

US President Joe Biden has announced a deal with an American company to shore up domestic supplies of computer memory chips. He has awarded a grant worth up to 6.1 billion dollars to Micron Technology.

Biden wants the US to be a global leader in the technology that powers everything from phones to fighter jets, and to make cutting-edge semiconductors at home.

The agreement will allow the company to build factories in New York and Idaho and bring back jobs that have shifted overseas. It is believed the deal will create more than 20,000 jobs.

Biden made the announcement on Thursday in Syracuse, New York. He said, "We took action to make sure these chips are made in America again, creating tens of thousands -- and I mean tens of thousands -- of good-paying jobs."

Biden said the investments are essential to innovation, economic competitiveness and national security. And he sees appearances like this one as essential to connecting with voters ahead of the presidential election in November.

US manufacturers produce only about 10 percent of the world's chips and none of the most advanced ones. Biden had previously awarded a series of grants to change to US-based Intel, Taiwan Semiconductor Manufacturing Company and South Korea's Samsung.