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Micron Stock Rallies as India Chip Facility Begins Commercial Production
Micron Technology (NASDAQ: MU) shares rallied more than 5.5% in morning trading on September 17, after the company announced it has begun commercial production at its new semiconductor assembly and test facility in India.
The stock price reached $977.99 on the news, which investors see as a significant step in expanding the company's global manufacturing footprint ahead of its fiscal fourth-quarter earnings report scheduled for September 30.
India Operations Commence
Micron’s new facility, its first in India, is located in Sanand, Gujarat. The project represents a joint investment of approximately $2.75 billion between Micron and the Indian government. The first phase includes 500,000 square feet of cleanroom space and is already shipping finished DRAM and NAND memory products to global customers.
According to the company, the facility is expected to scale production from tens of millions of chips in the near term to hundreds of millions annually by 2027. This expansion is strategically aimed at capturing the surging global demand for memory driven by artificial intelligence. CEO Sanjay Mehrotra emphasized the milestone, stating that "potential does not ship products," highlighting the company's focus on execution.
AdAnalyst Outlook and Market Context
Adding to the positive sentiment, analysts at TD Cowen reiterated a Buy rating and a $1,600 price target on Micron stock. The firm projects that Micron will guide for approximately $37 in earnings per share for its November quarter, which is above both TD Cowen's own estimate and the current Street consensus.
The broader market provided a supportive backdrop for the rally, with the NASDAQ Composite gaining 1.6% and the S&P 500 rising 1.0%. The move also reflects a wider recovery in the semiconductor sector, with peers like SanDisk and SK Hynix also trading higher following a selloff last week.
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