Jim Cramer on Micron CEO: "Sanjay's Always Preferred Building in America, and That's One of the Reasons Why I Salute Him"

Micron Technology, Inc. (NASDAQ:MU) is one of the stocks Jim Cramer recently looked at. Cramer highlighted the CHIPS Act’s significance for the company, as he said:

It’s almost like nobody saw it coming. I’m talking about the severe shortages of all sorts of lower-end semiconductors that go into a data center, especially memory chips. Today, Sanjay Mehrotra, the CEO of Micron, broke ground on a hundred billion dollar facility to make more chips… It’s all part of the CHIPS Act, that big subsidy for semiconductor manufacturing that was pushed through by the Biden administration.

The CHIPS Act money serves as a down payment for Micron’s giant foundry. And boy, is it ever needed… Sanjay tamped down the possibility of a boom, something I’ve been saying could happen. He chilled my enthusiasm. Now, look, he’s been bullish, but last year, he was way too cautious. And you know what? His caution contributed to the memory shortage…

Celebrate that Micron is building a big foundry here. It has a long tradition of doing so. Sanjay’s always preferred building in America, and that’s one of the reasons why I salute him. Without the CHIPS Act bonanza, though, it probably wouldn’t have happened. Again, I can’t blame any of these managements for not seeing that sales could explode, but I do think… if they had just listened to Jensen, we’d all be better off.

Micron Technology, Inc. (NASDAQ:MU) develops memory and storage solutions, including DRAM, NAND, and SSD products, under the Micron and Crucial brands.

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Disclosure: None. This article is originally published at Insider Monkey.