Micron Invests $24 Billion in Singapore to Ease Chip Crunch

Micron Technology Inc. will invest an additional $24 billion in Singapore over the next decade to expand its manufacturing capabilities, part of a broader expansion effort during an AI-induced memory chip shortage.

The Boise, Idaho-based chipmaker will use the funding to build a new facility for NAND, according to a company statement. NAND is a replacement for hard disk drive storage with faster access speeds that’s grown in demand with the AI infrastructure build-out. It’s most commonly sold in solid state drives (SSD) that can plug into HDD ports in computer systems. Micron’s shares rose more than 4% in premarket trading on Tuesday.