Micron (MU 3.15%) stock is bounding higher in Friday's trading. The memory-chip company's share price was up 6.1% as of 2:50 p.m. ET and had been up as much as 8.7% earlier in trading.
Micron's valuation is continuing to surge today as the pricing outlook for its memory chips across both enterprise artificial intelligence (AI) and consumer categories keeps strengthening. News that the company has broken ground on its new manufacturing facility.
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Micron stock is red hot
Thanks to soaring demand for high-bandwidth-memory (HBM) chips for AI, Micron has been one of the hottest tech stocks on the market in recent months. As of this writing, the company's share price has risen by 86% over the last three months and 245% over the last year.
NASDAQ: MU
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The company announced today that it had started construction on a $100 billion memory-chip manufacturing plant in New York. The property could house up to four distinct fabrication units and is slated to become by far the U.S.'s largest semiconductor manufacturing facility. Micron expects that its first fabrications at the facility will kick off in 2030 and ramp up from there.
What's next for Micron
Micron is the leading provider of HBM chips used in graphics processing units and other hardware used to power AI applications. Because demand for its HBM chips has been so high and overall production capacity across the broader memory chip market is limited, production capacity for its consumer chips has been limited. Memory chips are suddenly in very high demand across multiple verticals, and Micron's sales, margins, and earnings are rocketing higher. With the company
