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Micron surpasses expectations with strong Q2 results

Micron Technology exceeded Wall Street forecasts by posting impressive second-quarter results for the 2024 fiscal year, announcing a profit of $793 million. This marked a significant turnaround for the company, which had faced a series of challenging quarters. The news comes as Micron plans a major expansion with a new computer chip manufacturing plant in the Town of Clay, though the project awaits financial backing from the Chips and Science Act in Washington, D.C.

Despite the positive earnings report, the announcement was met with mixed reactions from local residents concerned about the potential impact of the new plant. Meanwhile, on a broader scale, President Biden disclosed an $8.5 billion CHIPS grant for Intel, highlighting the government’s commitment to bolstering domestic semiconductor manufacturing. Micron’s expansion efforts include seeking similar grants and incentives to make its New York project viable, alongside developments in Boise, Idaho.

Micron’s stock (MU) responded positively to the news, with shares surging in after-hours trading. The company’s stock price has seen a substantial increase of over 60 percent in the past year, reflecting investor confidence in Micron’s recovery and growth prospects.