$9.3B Japan Factory Expansion Assert Micron Technology Inc. (MU) as a Top AI Stock on Wall Street Radar

Micron Technology Inc. (NASDAQ:MU) is one of the AI stocks on Wall Street’s radar. On July 4, Bloomberg reported that Micron has broken ground on the expansion of a factory in Western Japan. The $9.3 billion investment is part of the company’s push to expand capacity for advanced memory chip production.

$9.3B Japan Factory Expansion Assert Micron Technology Inc. (MU) as a Top AI Stock on Wall Street Radar

Posonskyi Andrey/Shutterstock.com

Japan’s Ministry of Economy, Trade, and Industry has already allocated up to ¥500 billion to cover construction costs. The expansion will help Micron increase power and transmission efficiency in chips for AI services and self-driving cars. The funds will also support research and development.

The company plans to build a facility in Hiroshima to capitalize on the growing demand for high-bandwidth memory, which is crucial to artificial intelligence processors. Shipments from the facility are expected to start in the summer of 2028. Micron is also building two leading-edge fabs in Boise, Idaho, to increase DRAM production in the US.

Micron Technology, Inc. (NASDAQ:MU) develops and sells memory and storage products for data centers, mobile devices, and various industries worldwide.

READ NEXT: 10 Best Dividend Stocks Yielding at Least 5% to Buy According to Hedge Funds and Top 10 Stocks to Buy According to Ariel Investments.

Disclosure: None. Follow Insider Monkey on Google News.