SK Hynix Inc. is set to receive an initial $450 million in US grants and $500 million in loans to build an advanced chip packaging and research facility in Indiana, a project that will bolster US capacity for a critical part of the artificial intelligence supply chain.
The $3.87 billion site will package high-bandwidth memory chips for use with AI chipmakers such as Nvidia Corp., an area that the Korean company dominates. SK Hynix is expected to ship its own memory chips from South Korea to its US facility, according to a Commerce Department official who requested anonymity to brief reporters ahead of the announcement. That site is expected to create around 1,000 jobs. In addition to grants and loans, SK Hynix expects to benefit from a 25% tax credit, like other firms building in the US.
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