On August 6, 2024, South Korean semiconductor giant SK Hynix announced that it has signed a non-binding Preliminary Memorandum of Terms (PMT) with the U.S. Department of Commerce. According to this memorandum, SK Hynix is set to invest in an advanced semiconductor packaging plant in Indiana, with potential to receive up to $450 million in direct subsidies and up to $500 million in loans under the CHIPS and Science Act. Additionally, the U.S. Treasury has decided to offer a tax credit of up to 25% of SK Hynix's investment in the U.S.

SK Hynix expressed deep gratitude for the support from the U.S. government and committed to diligently following up on the necessary procedures until the subsidies are finalized. Meanwhile, the company is on track to proceed with the construction of the AI-focused memory production plant in Indiana as planned. SK Hynix looks forward to contributing to the growth of the global semiconductor supply chain through this initiative.

In April 2024, SK Hynix had already announced its plan to invest $3.87 billion in building the advanced packaging plant in Indiana, which is expected to create approximately 1,000 jobs. The company will also collaborate with local research institutions, including Purdue University, to advance semiconductor research and development.