06:42 AM EST, 12/19/2024 (MT Newswires) -- Nvidia ( NVDA ) supplier SK Hynix was awarded up to $458 million in direct funding from the US Commerce Department under the CHIPS Incentives Program's Funding Opportunity for Commercial Fabrication Facilities, the Commerce Department said Thursday.

In addition to the direct funding, the CHIPS Program Office will provide SK Hynix with up to $500 million in loans.

The funding supports SK Hynix's $3.87 billion project to build a memory packaging plant for artificial intelligence products and an advanced packaging fabrication and research and development facility in West Lafayette, Indiana.