Micron (NASDAQ:MU) is setting up a chipmaking unit in New York for about $100 billion, reports the New York Times.
The significant development comes fresh on the heels of Intel (NASDAQ:INTC) planning a chipmaking unit in Ohio and the passage of the CHIPS Act.
Will MU Stock Go Up?
Micron stock is up ~8.7% over the past five days and Wall Street sees a further 20.84% upside potential in the stock.
MU stock currently has a Moderate Buy consensus rating alongside an average price target of $64.88. The consensus rating is based on 20 Buys, five Holds, and two Sells.