Micron Technology has outlined a significant increase in its U.S. spending plan, committing to invest over $250 billion by 2035. This represents a $50 billion rise from the company’s previous commitment made last year, reflecting escalating demand for memory chips.
Central to the new investment is the development of a large-scale semiconductor campus in New York, which is reportedly progressing more than a quarter ahead of schedule. According to Micron, the expansion in New York, along with additional projects in Idaho and Virginia, is expected to generate more than 90,000 jobs nationwide.
As part of its supply chain strategy, Micron will distribute up to $3 billion across various initiatives. Of this amount, $500 million has been allocated to GlobalWafers to advance production and development of 300-mm raw silicon wafers at its facility in Sherman, Texas. Additionally, Micron and GlobalWafers have entered into a 10-year agreement that will guarantee Micron a reliable supply of raw silicon wafers, supporting the company’s long-term manufacturing and technology plans.
Micron, which provides crucial components for Nvidia’s AI chips, has benefited from heightened interest and investment in artificial intelligence. Last month, the company disclosed that its customers in sectors including data centers, consumer electronics, and automotive have committed to purchasing $22 billion worth of memory chips.
Following these announcements, Micron’s stock registered a nearly 5% rise at the end of Thursday’s session, building on a rally that has seen shares gain more than 200% since the beginning of the year. Notably, the company reached a $1 trillion market capitalization milestone in May.
