Micron Technology raises its U.S. investment plan to $250 billion, betting on the demand for AI storage chips.

Micron Technology announced its plan to increase spending on its new US factory to $250 billion to meet the surge in demand for storage chips driven by the global artificial intelligence boom. This move means adding $50 billion to Micron's previously announced $200 billion commitment to expand domestic chip manufacturing, including projects in New York, Idaho, and Virginia. The spending is expected to continue until 2035 and will support Micron's goal of producing 40% of its DRAM products in the US in the next decade. Micron's stock price rose 8% to $1024.27 per share after opening in New York on Thursday. The stock has risen more than 250% so far this year.