Micron Technology, Inc. (NASDAQ:MU) shares are trading higher Tuesday after the company said it broke ground on its $24 billion wafer fabrication facility in Singapore.
Micron Expands Singapore Manufacturing Footprint
Micron said its new wafer fabrication facility will be built within its existing NAND manufacturing complex in Singapore and represents a planned investment of approximately $24 billion over 10 years. The facility is designed to ultimately provide about 700,000 square feet of cleanroom space, with wafer output expected to begin in the second half of 2028.
The company said the wafer fabrication facility will support growing market demand for NAND technology driven by the expansion of AI and data-centric applications. The facility will become part of Micron's NAND Center of Excellence in Singapore and provide capacity to support continued technology transitions.
Micron said the wafer fabrication facility will be co-located with research and development operations, which is expected to improve efficiency, accelerate time-to-market and strengthen research partnerships with industry and academia.
The company also noted that its previously announced high-bandwidth memory advanced packaging facility in the same Singapore manufacturing complex, which remains on track to contribute to HBM supply in 2027. Micron said the expansion is expected to create about 1,600 jobs, bringing total new jobs supported by its Singapore expansion to approximately 3,000.
MU Trades Above Key Levels
Micron is currently trading 19.4% above its 20-day simple moving average (SMA) and 73.7% above its 100-day SMA, demonstrating robust short-term and longer-term strength. Over the past 12 months, shares have skyrocketed by 327.06%, and they are positioned closer to their 52-week highs than lows, reflecting a strong upward trend.
The RSI is at 72.45, indicating that the stock is in overbought territory, while the MACD is above its signal line, suggesting bullish momentum. This combination of an overbought RSI and bullish MACD indicates that while the stock may be overextended, there is still strong buying interest.
MU Price Action: At the time of writing, Micron shares are trading 4.56% higher at $406.82, according to data from Benzinga Pro.
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