5 Best Stocks to Buy Now for High Returns

​3. Micron Technology, Inc. (NASDAQ:MU)

EPS Growth Next Year: 109.26%

Number of Hedge Fund Holders: 154

Micron Technology, Inc. (NASDAQ:MU) is one of the Best Stocks to Buy Now for High Returns. On July 9, Micron Technology, Inc. (NASDAQ:MU) said that it will boost US investment to more than $250 billion by 2035 as the demand for AI memory chips continues to surge. Moreover, the company is also allocating $3 billion separately to strengthen the domestic semiconductor supply chain.

​This news relates to the US government’s push to localize semiconductor manufacturing. Management noted that the investment is aimed at expanding the company’s domestic memory capacity, while also cutting reliance on overseas suppliers.

Moreover, Micron also highlighted that the spending supports its long-term goal of producing 40% of its DRAM chips domestically. The company also marked the first concrete pour at its Clay, New York, fab, over a quarter ahead of schedule. It’s expected to become the largest semiconductor manufacturing site in US history.

​Moreover, the $3 billion that the company plans to invest to improve the supply chain includes $500 million in financing for GlobalWafers to expand its Sherman, Texas, wafer facility, backed by a 10-year supply agreement.

Micron Technology Inc. (NASDAQ:MU) provides memory and storage solutions sold into client, cloud server, enterprise, graphics, networking, smartphone, mobile-device, automotive, industrial, and consumer markets, among others.