Media

Today, Congressman Jim Baird (IN-04) released the following statement regarding the announcement that the U.S. Department of Commerce signed a preliminary memorandum of terms (PMT) with SK hynix. The PMT provides SK hynix up to $450 million in proposed incentives under the CHIPS and Science Act for SK hynix’s high-bandwidth memory (HBM) advanced packaging fabrication and research and development (R&D) facility in West Lafayette, Indiana.

“I voted for the CHIPS and Science Act to ensure the U.S. and Indiana continue to secure our place as leaders of ingenuity and innovation, and I’m proud that funding from this bill is being used to spur job creation, manufacturing, and investment right here in my district,” said Congressman Baird. “I am pleased to see the Department of Commerce and SK hynix sign this agreement following my advocacy with the Indiana Delegation. This is a huge step in further establishing Indiana and our district as a center for AI, job growth, and cutting-edge semiconductor chip research and production. These investments help secure our supply chain, protect our national security, and help bolster our global competitive edge by ensuring we are not reliant on Communist China for these technologies.”

The PMT between the U.S. Department of Commerce proposes up to $450 million in direct funding and up to $500 million of proposed loans from the CHIPS Program Office for SK hynix. This follows SK hynix’s announcement that it will invest over $3.8 billion to build to build an HBM advanced memory packaging plant for artificial intelligence (AI) products and an advanced packaging R&D facility in West Lafayette, IN that will create approximately 1,000 jobs. SK hynix plans to begin production in the second half of 2028.

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