Micron Invests $24 Billion in New Singapore Chip Factory

Micron Technology will invest $24 billion to build a⁣ chip manufacturing plant in Singapore, the American memory chip maker announced today. The move aims to boost‍ production amid a global ⁢chip shortage, especially for components needed for artificial intelligence.

Technology companies are⁣ racing to build infrastructure for AI,creating significant demand ‍- adn a ⁣severe shortage – of all types of memory chips,according to Reuters.

The⁤ new facility will be one of the largest of its⁢ kind in Singapore. Micron expects the plant will create significant employment opportunities.⁤ Construction is slated to begin in 2024, with production starting in the late 2020s.

This⁤ investment follows similar ‍announcements from other chipmakers seeking to expand⁢ capacity in response to growing global demand. The ‍U.S. and ⁤other nations are also offering incentives to encourage‍ domestic chip production.

More ⁣information is available in Micron’s press release.