Micron CEO says company breaking ground on $15B Idaho factory, more plants coming: report
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Micron Technology (NASDAQ:MU) shares rose on Monday as its CEO told Reuters the company is breaking ground on its newly announced $15B factory in Idaho and would unveil another U.S.-based plant soon.
"We are in final stages of another high volume manufacturing site that is going to be announced in the coming weeks," Micron (MU) Chief Executive Sanjay Mehrotra told the news outlet.
Mehrotra added that both plants will produce dynamic random access, or DRAM chips, used for data centers, PCs and other electronics.
Micron (MU) shares were fractionally higher at $57.48 in mid-day trading.
Boise, Idaho-based Micron (MU), along with SK Hynix and Samsung (OTCPK:SSNLF) are the world's largest makers of memory chips.
The Boise plant, announced earlier this month, is expected to be operational in 2025 and is the first memory chip plant built in the U.S. in 20 years and will employ 2,000 workers by the end of the decade, Mehrotra explained.
The plants are Micron's (MU) first investments since the U.S. passed the CHIPS and Science Act into law, which provides $52B in subsidies for the domestic semiconductor industry.
Last week, Intel (INTC) also broke ground on its plant in Ohio, with President Biden attending the event. 
Last month, investment firm J.P. Morgan said that memory chip makers, including Micron (MU) were starting to become more attractive even as pessimism in the industry rises.