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Micron to invest up to $100 billion in New York semiconductor plant By Reuters

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© Reuters. FILE PHOTO: An image of the logo of US memory chip maker MicronTechnology at its booth at an industrial fair in Frankfurt, Germany, July 14, 2015. REUTERS/Kay Fafenbach/File Photo

(Reuters) – Chip maker Micron Technology (NASDAQ) said Tuesday it plans to invest up to $100 billion over the next 20 years to build a computer chip factory complex in upstate New York, in an effort to boost local chip manufacturing. .

The project, which Micron claims will be the world’s largest semiconductor manufacturing facility, is expected to create nearly 50,000 jobs in New York, with a first-phase investment of $20 billion planned by the end of this decade.

Micron announced in August its plans to invest $40 billion through the end of the decade to build a multi-stage memory manufacturing in the United States.

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The impetus in new chip investment comes after President Joe Biden signed into law the CHIPS and Science Act in August, providing $52.7 billion in subsidies for US semiconductor production and research to boost competitiveness with China.

Later that month, Intel Corp (NASDAQ 🙂 and Canada’s Brookfield Asset Management have agreed to jointly finance up to $30 billion for chip factories in Arizona.

Biden on Tuesday praised Macron for its investment in manufacturing, calling it “another win for America” ​​that will create “tens of thousands of well-paying jobs.”

Micron shares were up 3.1% in early trading amid broader gains.

Micron’s chief executive, Sanjay Mehrotra, said last week that the company had made “significant” cuts to capital expenditures, which will fall more than 30% at around $8 billion for the 2023 fiscal year as demand for computers and smartphones slows. [nL4N3103UN]

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MicroStrategy is at its lowest level since 2020 after the sales were revealed

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(Bloomberg) — Shares of MicroStrategy touched their lowest level since August 2020 after the enterprise software company, which in recent years has been known as the largest buyer of bitcoin, revealed its first sale of the token.

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The stock fell 1.1 percent to $136.63 on Thursday, down 75 percent this year. Bitcoin rose less than 1% to around $16,590 and is believed to have fallen 64% since the start of the year.

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In a filing on Wednesday, MicroStrategy said it acquired approximately 2,395 Bitcoin between the beginning of November and December 21 through its subsidiary MacroStrategy, and paid out approximately $42.8 million in cash. It then sold 704 of the tokens on Dec. 22 for a total of about $11.8 million, citing tax purposes, before buying another 810 of them two days later.

Matt Malley, chief market strategist for Miller Tabak + Co. Step down as CEO. This news means they don’t seem to want to do that anytime soon.”

Overall, MicroStrategy held about 132,500 bitcoins worth over $4 billion USD as of December 27th. The company paid an average purchase price of $30,397 per bitcoin.

“Given MicroStrategy’s $2.4 billion in leverage, we believe the company may have a lot of leverage over Bitcoin, and may face some liquidity risk,” Jefferies analyst Brent Thiel wrote in a note on Wednesday. Thill has an “underperform” rating on the stock and a price target of $110.

Over the years of the pandemic, MicroStrategy has become well known for its Bitcoin takeovers, largely led by Saylor. Earlier this year, Saylor stepped down from that role and now serves as CEO at the company and continues to lead its bitcoin strategy.

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MicroStrategy was trading around $120 before Saylor first announced the company’s Bitcoin purchases in 2020. The stock reached an all-time high of $1,315 in February 2021.

(Updates to include the stock’s closing price in the second paragraph.)

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Bankman-Fried May File Petition in New York Federal Court Next Week Before Judge Louis Kaplan By Cointelegraph

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Former FTX CEO Sam Bankman-Fried is set to appear in court on the afternoon of January 3 to enter a lawsuit over two counts of wire fraud and six counts of conspiracy against him related to the collapse of cryptocurrency exchange FTX, according to Reuters. mentioned on December 28, citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.

Judge Kaplan was appointed to hear the case on December 27 after the original judge in the case, Ronnie Abrams, Resigned herself because of connections between FTX and the law firm Davis Polk & Wardwell, where her husband is a partner. The company provided advisory services to FTX in 2021.