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Micron and GlobalFoundries boost U.S. semiconductor workforce

EditorNatashya Angelica
Published 05/21/2024, 12:12 PM
© Reuters
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BOISE, Idaho - Micron Technology, Inc. (NASDAQ:MU) and GlobalFoundries (NASDAQ:GFS) have unveiled a strategic partnership with the U.S. National Science Foundation (NSF) to strengthen the semiconductor workforce in the United States. This collaboration aims to diversify the talent pool and establish a robust pipeline for semiconductor professionals through educational and career reentry initiatives.

Micron announced the launch of its Minority Serving Institution (MSI) Semiconductor Network during a ceremonial framework signing in Atlanta, Georgia. This network includes partnerships with 16 historically Black colleges and universities (HBCUs), Hispanic-serving institutions (HSIs), Asian American, Native American, and Pacific Islander-serving institutions (AANAPISIs), and tribal colleges and universities (TCUs). The initiative is designed to provide equitable education and career opportunities in STEM (Science, Technology, Engineering, and Mathematics) fields.

The partnership also involves a collaboration between members of the MSI Semiconductor Network and Kenyan universities to establish pathways and skilling opportunities for STEM students in Kenya. This move is part of the "Enhancing STEM Education for Economic Development" framework, which seeks to expand the semiconductor workforce by strengthening talent pools and developing future generations of skilled labor.

In addition to the MSI Semiconductor Network, Micron and the Micron Foundation have made significant investments in workforce development across Idaho and New York. These include K-12 education programs, university partnerships, and community-based investments.

Today's announcement also highlighted a new collaboration with Talent Beyond Boundaries (TBB) and the International Rescue Committee (IRC) through the Welcome Corps at Work program. This initiative will support career opportunities for refugees and immigrants from East Africa, including Kenya, in semiconductor technician and engineer roles within Micron facilities in Idaho, New York, and Virginia.

The joint effort by Micron and GlobalFoundries to fund student programming and infrastructure at minority-serving institutions is supported by NSF and aligns with the broader industry goal of addressing the demand for a diverse, skilled semiconductor workforce. This initiative is part of the companies' expansion in New York, aimed at strengthening the state's ecosystem of diverse suppliers.

Micron's commitments to workforce development complement the U.S. CHIPS and Science Act, which recently allocated $6.1 billion to support Micron's planned investment of approximately $50 billion in gross capital expenditures for U.S. domestic leading-edge memory manufacturing through 2030. The company's vision includes the creation of approximately 75,000 domestic jobs and the strengthening of U.S. economic and national security.

This article is based on a press release statement.

InvestingPro Insights

As Micron Technology, Inc. (NASDAQ:MU) forges strategic partnerships to bolster the U.S. semiconductor workforce, its financial metrics and market performance continue to be a focal point for investors.

The company, recognized as a prominent player in the Semiconductors & Semiconductor Equipment industry, has a market capitalization of $142.85 billion, reflecting its significant presence in the market. Despite recent challenges, analysts remain optimistic, anticipating sales growth in the current year, which aligns with Micron's expansion efforts and workforce development initiatives.

InvestingPro data highlights a remarkable year-to-date price total return of 51.31%, indicating robust investor confidence and a strong market performance in the near term. Moreover, Micron's commitment to shareholder value is underscored by its dividend track record, having raised its dividend for three consecutive years, with a current yield of 0.36%. This commitment to return value to shareholders complements the company's strategic growth initiatives.

Investors can glean further insights by exploring additional InvestingPro Tips for Micron, which include a total of 17 tips, ranging from the company's financial health to its market performance. These insights, along with real-time data, can be accessed at InvestingPro, where users can utilize the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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