Micron Technology：Semiconductor Stock That Will Benefit From the CHIPS Act
Micron Technology (MU)
Following the passage of the CHIPS Act,Micron Technology(NASDAQ:MU) said it willinvest $40 billionin memory chip manufacturing through 2030, creating up to 40,000 jobs in the United States. The resultant additional capacity will take Micron’s U.S. market share from 2% to 10%, the company said.
Micron’s plans could includebuilding a mega fabrication plantin the United States. Rob Beard, the company’s senior vice president and general counsel, said Micron has been eyeing a mega fab “for a long time.”
MU stock topped out in January and is down around 34% from its high. The company recently reported disappointing quarterly results andslashed its outlook. However, since hitting a 52-week low in early July, MU is up 26%.
Citi analysts saythe stock has bottomed. If that’s the case, investors may still have a good entry opportunity with shares trading at just 6.3 times forward earnings.
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