BUZZ-Micron Technology climbs on report of bagging $6 bln in chip grants from US

Reuters04-18

** Shares of memory chipmaker Micron Technology advance 2.5% to $119.28 in premarket trading

** Micron set to get over $6 bln in grants from U.S. Commerce Department to help pay for domestic chip factory projects, according to Bloomberg News

** To reduce reliance on China and Taiwan and boost domestic production, U.S. President Joe Biden has announced several funding initiatives recently, including ~$20 bln loans and grants for Intel

** MU shares fell 4.5% on Wednesday in broader chips' sector decline following manufacturing equipment maker ASML's Q1 new bookings miss

** Other chipmakers also up on Thursday, buoyed by Taiwanese chipmaker TSMC's Q1 profit beat

** As of last close, MU shares up 36% YTD vs Philadelphia SE Semiconductor Index's 9.4% gains and tech-heavy Nasdaq's

4.5% advance

(Reporting by Ankika Biswas in Bengaluru)

((Ankika.Biswas@thomsonreuters.com))

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