Micron Technology announced Thursday that it intends to pour up to $3 billion into bolstering the United States semiconductor supply chain, as the memory chip maker works to lock in critical manufacturing materials amid rapidly growing demand fueled by artificial intelligence.
Following the announcement, Micron’s stock climbed more than 6% during premarket trading.
Among the key components of the plan, Micron will extend $500 million in strategic funding to support GlobalWafers’ 300 millimeter raw silicon wafer production facility located in Sherman, Texas.
The two companies have also agreed to a decade-long supply deal that will give Micron access to a substantial volume of raw silicon wafer capacity, helping to support the company’s long-term manufacturing goals, according to an official statement.
