GoKawiilMicron shares rose almost 5% on Thursday after the company announced a new round of investments aimed at boosting the U.S. semiconductor supply chain, and said it plans to accelerate its spending in the country through 2035.
The new strategic investment of up to $3 billion includes $500 million for Taiwanese-headquartered GlobalWafers to expand its wafer development and manufacturing in its Texas facilities, and also comes with a 10-year supply agreement for raw silicon wafer capacity.
"Securing a reliable supply of critical input materials is essential to supporting Micron's long-term growth and technology roadmap," said Ben Tessone, Micron's chief procurement officer, in a press release.
In a separate announcement, the chipmaker said it will also raise its planned U.S. investment to $250 billion through 2035, roughly a $50 billion increase, as memory demand from the artificial intelligence buildout skyrockets.
Other names in the chip space rallied on Thursday, with Applied Materials , KLA Corp , Lam Research and ARM Holdings all notching gains.