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Micron Stock Rises 1.14% as SK Hynix, Samsung Announce $52B Chip Expansion on June 29

GateNews
Stocks
According to South Korea's Ministry of Industry, Micron Technology (MU-US) closed up 1.14% to $1,145.28 on June 29, despite SK Hynix and Samsung Electronics announcing a combined 800 trillion won (approximately $52 billion) investment to build new chip manufacturing facilities in southwest Korea. The stock initially declined 4% earlier that day but recovered by the close. The announcement underscores intensifying competition in high-bandwidth memory chips, which are essential for artificial intelligence processors. However, analysts noted that new manufacturing capacity from South Korean competitors is not expected to reach production until 2028 or later, limiting near-term market impact on Micron.
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