Micron (NASDAQ:MU) is aiming to secure $6.1 billion in government funding from the Biden administration to produce advanced chips in New York and Idaho, according to Bloomberg. This funding will be a part of the Biden administration’s CHIPS and Science Act, which has been set up to allocate $53 billion to support the domestic semiconductor industry.
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In addition to the government support, Micron plans to invest $100 billion in upstate New York over the next 20 years. The company’s investment will likely lead to 9,000 direct jobs and 40,000 construction jobs. Additionally, Micron is planning a $15 billion plant in Boise, Idaho to manufacture computer memory chips.
Is MU a Good Stock to Buy?
Analysts are bullish about MU stock, with a Strong Buy consensus rating based on 25 Buys and one Hold and Sell each. Over the past year, MU has surged by more than 85%, and the average MU price target of $126.96 implies an upside potential of 9.1% from current levels.
