Stock Track | Micron Technology Plummets 5.35% Despite Receiving $6B Federal Grants

Stock Track12-11

Micron Technology (MU) stock plummeted 5.35% on Tuesday, despite the company receiving up to $6.165 billion in federal grants from the CHIPS Act to manufacture semiconductors domestically.

The grants, announced by the Commerce Department, are aimed at supporting Micron's plans to invest approximately $100 billion in New York and $25 billion in Idaho for new factories, creating around 20,000 new jobs. The funding will be used for the construction of three new memory-chip fabrication plants.

However, the positive news about the federal grants failed to offset other factors weighing on Micron's stock price. The semiconductor industry has been facing challenges, including geopolitical tensions and concerns about slowing demand for memory chips. Analysts have also raised concerns about Micron's future profitability and pricing power in a highly competitive market.

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