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(Bloomberg) -- The US plans to award Micron Technology Inc. $6.1 billion in grants and as much as $7.5 billion in loans to help the memory-chip maker build new American factories, rounding out a slew of major federal awards for advanced semiconductor manufacturing. Most Read from BloombergBiden’s Gains Against Trump Vanish on Deep Economic Pessimism, Poll ShowsMalaysia in Talks With Tycoons on Casino to Revive $100 Billion Forest CityZuckerberg Asks for Patience as Meta’s AI Push Spooks Investor

SEOUL (Reuters) -South Korea's SK Hynix Inc said it expected a full recovery in memory chips on AI demand, posting its highest profit in nearly two years on sales of advanced DRAM chips with high bandwidth memory (HBM) for use in generative AI chipsets. "The memory market is entering into full recovery cycle with ongoing strength of AI demand," SK Hynix said.

Micron's CHIPS Act grant will support manufacturing of a commodity product - memory chips, that are vital in the age of AI.

Grants support Micron’s plans to invest approximately $50 billion in gross capex through 2030 Memory fabs in Idaho and New York to strengthen U.S....

Seagate Technology: "Seagate's March quarter revenue grew 6% and non-GAAP EPS more than doubled over the December quarter as we benefit from improving cloud demand, our strong operating discipline and price execution," CEO Dave Mosley said in a statement.