Semiconductor company Micron Technologies (MU) announced Tuesday that it will invest up to $100 billion over the next 20 years to build a new computer chip factory upstate New York.

The New York Times was the first to report the news.

The move comes after the CHIPS and Science Act was signed into the law by President Joe Biden in August and as the global economy has struggled from a chip shortage. The CHIPS and Science Act appropriates over $54 billion to build chip plants, as well as allocates funding for chip research and development.

Sanjay Mehrotra, CEO of Boise, Idaho-based Micron, credited the CHIPS act for making the investment possible.

"There is no doubt that without the CHIPS act, we would not be here today," Mehrotra told the Times.

The CHIPS and Science Act was championed by Sen. Chuck Schumer, D-N.Y., and was opposed by Sen. Bernie Sanders, I-Vt., who described it as a giveaway to the semiconductor industry.

Micron says the project will generate nearly 50,000 jobs -- 40,000 in supply chain and construction as well as 9,000 employed directly by Micron.

The factory will be located in Clay, New York, which is about 15 miles north of Syracuse.

As of 1:07 p.m. ET on Tuesday, shares of Micron were trading at $54.30, up $2.58, or 4.99%.

New York