Shares of Micron Technology Inc. fell 1.3% in premarket trading Wednesday, after the memory and semiconductor company said it will invest $150 billion over the next decade in memory manufacturing and research and development. The investment, which could include U.S. fab expansion, is aimed at addressing demand for memory, as memory and storage currently represent about 30% of the semiconductor market. “Memory is at the leading edge of semiconductor manufacturing and fuels everything from feature-rich 5G smartphones to the AI-enabled cloud,” said Chief Executive Sanjay Mehrotra. “Micron’s leadership in both DRAM and NAND technologies and the strength of our roadmap enable us to invest more than $150 billion with confidence to extend our industry-leading memory innovation into the next decade, and deliver differentiated products to our customers.” Micron’s stock has dropped 10.1% year to date while the PHLX Semiconductor Index has climbed 21.0% and the S&P 500 has advanced 20.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
