The Biden administration’s efforts to boost local chip production as tech rivalry between the US and China intensifies, is accelerating. Chip companies are announcing plans to build factories in different states in the US, thanks to the bipartisan CHIPS legislation aimed at promoting chip production on US soil.

On Tuesday, Micron said it would invest up to $100 billion over the next two decades to build a massive semiconductor factory in upstate New York. The move is one of the biggest underscores of increasing interest of semiconductor companies in expanding production on American soil.

Micron, based in Idaho, is the only American-based semiconductor firm. It said the factory, dubbed megafab, will be the “largest semiconductor fabrication facility in the history of the United States.” The proposed factory, which will be situated about 15 miles from Syracuse, is expected to create nearly 50,000 New York jobs over the next two decades, including approximately 9,000 high paying jobs.

“Micron’s New York megafab is part of its strategy to gradually increase American-made leading-edge DRAM production to 40% of the company’s global output over the next decade,” the company said in a statement. “Site preparation work will start in 2023, construction will begin in 2024 and production output will ramp in the latter half of the decade, gradually increasing in line with industry demand trends. Locating Micron’s industry-leading DRAM production in the U.S. brings tremendous benefits for its customers, enabling them to build their innovative products and solutions using a more resilient, secure and geographically diverse supply chain.”

Besides the tech rivalry between the US and China, the US’ push for more semiconductor production was bolstered by the global chip shortage, which came in the wake of covid-19, stymieing production across tech industry.

In August, President Joe Biden signed into law the CHIPS and Science Act. The aim is to boost American chip manufacturing with a more than $200 billion investment over the next five years. It is part of Washington’s push to make America a clear leader of the tech world as China moves closer to usurp American leadership.

The Chips and Science Act comes with a package that includes some $52 billion for chip manufacturing and research, aimed at providing companies incentives to build, expand and modernize US facilities and equipment – and especially to build chip factories on American soil.

This will minimize a US dependency on offshore chip production from Asia. The US manufacturers have been dependent on supplies from chipmakers such as the Taiwan Semiconductor Manufacturing Company (TSMC) and Samsung – all Asia-based firms.

Micron President and CEO Sanjay Mehrotra expressed his gratitude for the swift bipartisan passage of the CHIPS and Science Act.

“I am grateful to President Biden and his Administration for making the CHIPS and Science Act a priority, to Senator Schumer and a bipartisan coalition in Congress for passing the legislation, and to Governor Hochul and County Executive McMahon for the local and state partnerships that made this investment possible.

“Micron will leverage the diverse, highly educated and skilled talent in New York as we look to build our workforce in the Empire State. This historic leading-edge memory megafab in Central New York will deliver benefits beyond the semiconductor industry by strengthening U.S. technology leadership as well as economic and national security, driving American innovation and competitiveness for decades to come,” he said.

Shares for Micron jumped nearly 5% Tuesday following the news.

Before the CHIPS and Science Act, other semiconductor companies such as TSMC and Intel had announced plans to build chip plants in the United States. The TSMC announced that it’s committing about $12 billion to build a semiconductor fabrication plant in Arizona, which is expected to begin production in 2024.

Also, Intel, counting on the CHIPS Act, announced plan to build a $20 billion semiconductor manufacturing plant in Ohio early in the year. The new plant, which its groundbreaking event was graced by Biden, kicked off in September.

Micron said it chose New York for the megafab because of its multiple advantages, including leading higher education institutions, access to talent traditionally underrepresented in technology jobs and a significant military population aligned with the company’s commitment to veteran hiring.

The Empire State has a long history of semiconductor development and manufacturing, which provides promising opportunities to collaborate on R&D initiatives with organizations like the Albany NanoTech Complex and the U.S. Air Force Research Laboratory.

In addition to megafab, Micron and the state of New York also announced a historic $500 million investment in community and workforce development with a focus on disadvantaged populations over the duration of the project. The firm said it will “invest $250 million over the next 20-plus years as part of the company’s commitment to the Green CHIPS Community Investment Fund.” It added that an additional $250 million is expected to be invested, with $100 million from New York and $150 million from local, other state and national partners.

Excited by Micron’s decision to make New York the host of the megafab, Governor Kathy Hochul said: “Micron’s $100 billion investment in New York marks the start of something transformative in scale and possibility for our state’s economic future. I promised that we would jump start the economy by being the most business-friendly and worker-friendly state in the nation, and thanks to our State Green CHIPS legislation, the federal CHIPS and Science Act, and extraordinary partnerships with business, labor, and local and federal leaders, this project will do exactly that.

“Together, we are leveraging this investment – the largest private-sector investment in state history – to secure our economic future, solidify New York’s standing as a global manufacturing hub, and usher the state into another Industrial Revolution.”

Buy these best cryptos now and build your millionaire future. 

Downturns present opportunities for value-seeking investors to rebalance their portfolios and focus on growth. This article reviews the best coins to buy in this dip.

2022 has not been kind to the crypto market. Additionally, the rising threat of inflation has led analysts to believe that rescission is imminent, leaving several investors in fear and despair. However, experts opine that the current bear market poses a promising opportunity to buy up crypto assets. In other words, buy the dip. Several retail investors are now exploring different cryptocurrencies to buy on the dip for outsized returns. The current crypto winter will be coming to an end soon, but forecasting the exact moment that cryptos will turn around is difficult. Nevertheless, here are the top 5 cryptos to buy on this market dip.

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Virtual currencies are highly volatile. Your capital is at risk.

1.  Ethereum (ETH) 

Ethereum is an advanced blockchain network where developers can create smart contracts and decentralized applications (dApps), and users can access various types of transactions without an intermediary. The world’s second-largest crypto is already a leader in decentralized applications and non-fungible tokens (NFTs).

The price of ETH has dropped since the beginning of 2022, following the prolonged crypto winter. From the all-time highs of $4,891.70, ETH has dropped to $1,386.90, presenting the best opportunity to buy in the dip. Given its improved risk-reward at these levels, Ethereum has a good long-term prospect.

One of the key catalysts for the growth of Ethereum price prediction is its recent Merge upgrade, which essentially rolled the network’s Proof-of-Stake into the mainnet, making it much more energy-efficient.

Vitalik Buterin had announced at the Ethereum Community Conference in Paris this July that the Merge would bolster Ethereum’s capabilities, and the network would be able to handle as many as 100,000 transactions per second (TPS).

In addition to this, Ethereum has also marked its place in the Metaverse sector. Several projects like Star Atlas, Axie Infinity, and The Sandbox use the Ethereum blockchain.

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Virtual currencies are highly volatile. Your capital is at risk. 

2.  Solana (SOL)

Solana has carved a unique niche in the NFT marketplace and development space, making it a potential investment opportunity.

Solana is an advanced blockchain developed to facilitate scalable and user-friendly applications. It is a smart-contract platform designed to enable fast and efficient decentralized applications (dApps) and decentralized finance (DeFi) services. The core innovation of the Solana blockchain is its unique consensus mechanism that blends Proof-of-Stake and Proof-of-History to timestamp incoming transactions.

SOL was not immune to the crypto winter in 2022 and is trading much down at $34.73 from its all-time high of $260.06 in 2021. But this has presented the best opportunity for investors, making SOL one of the best cryptos to buy in the dip to make profitable returns. Additionally, it is one of the fastest blockchains, has lower fees when compared to other blockchains, and was ranked as the fourth-most-popular blockchain in the crypto sphere. It is also one of the leading DeFi platforms, with $2.7 billion invested in products on the blockchain.

As Solana-based dApps and DeFi services continue to gain traction with users, demand for the underlying SOL coin will rise significantly, making it more valuable over time. And since the token is trading significantly down from its high, it looks like a good time to buy on the dip.

One key reason to buy Solana crypto is its fast-growing NFT marketplace. The lower minting costs and fast speeds have made Solana a great place for smaller developers to build their projects.

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Virtual currencies are highly volatile. Your capital is at risk. 

3.  Cardano (ADA)

This is the right time to buy ADA on the dip, as it is trading at a lower price of $0.462329. Investors can be assured that Cardano would rise significantly higher in the future as the crypto has numerous real-world utilities and strong potential for growth. The crypto’s involvement in the NFT marketplace with the launch of SundaeSwap has been a boost for the network’s adoption.

Moreover, earlier this year, ADA was listed in the most popular online brokerage Robinhood Markets which would help in broadening exposure and bringing more users to the cryptocurrency.

Cardano is already a choice for environmentally conscious investors as it operates under a Proof-of-Stake mining concept, which is much more energy efficient. Over time, the network has become a popular landing spot for decentralized applications, and over 1,000 applications are being created on the network.

Cardano is also known for its consistent upgrades and rollouts. With Alonzo, the crypto has enabled the smart contract functionality, offering businesses and developers the opportunity to use the blockchain to support non-fungible tokens, crowdfunding, and DeFi dApps as well.

The community is now waiting for the Hydra update, a layer-2 scaling solution that would help push the network for commercial use. The update would launch over 1000 Hydra nodes capable of handling 1000 transactions per second. This would make Cardano one of the highest-scaling networks in the world, making ADA a good buy on the dip.

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Virtual currencies are highly volatile. Your capital is at risk.

4.  Terra Luna Classic (LUNC)

LUNC used to be the main token for the Terra stablecoin ecosystem. However, following Terra’s crash in April, LUNC’s value plummeted by 99%. This crash led to the ecosystem moving away from LUNC with a new cryptocurrency and a new blockchain fork.

Nevertheless, many of Terra’s original users have remained committed to LUNC and are banding together to get the asset back on track. Today, the coin trades at $0.0002962, an increase of 0.55% in the past 24 hours.

LUNC might have lost most of its value this year, but the asset still has a lot going for it. Firstly, its community remains strong, with many original Terra investors still holding on to the belief that it could surge again.

The asset’s circulating supply of over 6 billion was one of the major reasons for its crash, and the LUNC community has now instituted token burns as a solution. Binance, the world’s largest exchange, supported the token burn last month. So far, 1.8 million tokens have been burned.

With other exchanges like MEXC and KuCoin also supporting this burning mechanism, the future of LUNC’s deflationary model looks bright.

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Virtual currencies are highly volatile. Your capital is at risk.

5.  GMX (GMX)

GMX is a decentralized spot and perpetual crypto trading exchange that allows users to benefit from zero price impact trades and low swap fees through market making and leverage trading. The platform uses Chainlink oracles to find dynamic pricing information through different crypto exchanges, and it currently operates via the Avalanche and Arbitrum Layer 2 chainz.

The exchange’s native GMX token currently trades at $45.83, marking a downtrend of 9.08% in the past 24 hours.

GXM is currently finding its footing in the market. However, the asset undoubtedly has a bright future. It got listed on Binance and FTX earlier this week, a move that sparked a significant 35% rally between Tuesday and Wednesday.

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Virtual currencies are highly volatile. Your capital is at risk.

Conclusion on the Best Coins to Buy in this Dip

Cryptocurrencies are definitely a red-hot investment asset class. Given the old investment adage “buy the dip,” these are the top 5 cryptos for investors to buy in the dip in this crypto winter.

While the crypto winter continues, opportunities abound for investors to take advantage of crypto gems in the market. Our roundup has considered some of the best coins to buy in this dip.

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Virtual currencies are highly volatile. Your capital is at risk.