Nvidia-partner SK Hynix will get $450 million in Chips Act funding for its facility in Indiana

Source: Quartz

The Biden administration has now invested in all five of the world’s major chipmakers with its latest Chips and Science Act funding recipient.

South Korea-based SK Hynix will receive up to $450 million in proposed direct funding from the Chips Act, as well as $500 million in proposed loans, the U.S. Department of Commerce announced Tuesday. The proposed funding will build on SK Hynix’s $3.87 billion investment in a high-bandwidth memory (HBM) advanced chip-packaging and research and development facility in West Lafayette, Indiana. The plant, which will package memory chips for artificial intelligence products, is expected to create 1,000 new jobs.

“We are moving forward with the construction of the Indiana production base, working with the State of Indiana, Purdue University and our U.S. business partners to ultimately supply leading-edge AI memory products from West Lafayette,” SK Hynix chief executive Kwak Noh-Jung, said in a statement. “We look forward to establishing a new hub for AI technology, creating skilled jobs for Indiana and helping build a more robust, resilient supply chain for the global semiconductor industry.”

SK Hynix has a partnership with chipmaking leader Nvidia to supply it with HBM chips, which, combined with Nvidia’s graphics processing units (GPUs), are used for training leading generative AI models.

Read the full article here.