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Micron stock rises on $100 billion chip manufacturing plant investment

Yahoo Finance Video

Yahoo Finance's Akiko Fujita discusses why Micron stock is rising on Tuesday.

Video transcript

[AUDIO LOGO]

[MUSIC PLAYING]

AKIKO FUJITA: Well, we are watching shares of Micron getting a big lift here. Up nearly 5% on news of a $100 billion investment in a new chip manufacturing plant in the US. The company saying, that money will be deployed over the next two decades in a factory in Upstate New York. The news comes just a month after Congress passed the CHIPS Act, setting aside billions of dollars of subsidies to expand domestic production.

It does mark yet another victory for the White House and its push to bring chip manufacturing back to the US. The president releasing a statement today saying in part, today is another win for America in another massive new investment in America spurred by my economic plan.