Micron Technology stock was rising on Thursday in a broader tech rebound, as investors shrugged off a rival memory chip maker's plan to triple wafer capacity to meet surging artificial-intelligence demand.
Shares of Micron climbed 2% to $913 in early trading.
Micron has struggled since so-so revenue guidance from Broadcom sparked a chip and AI selloff last week. That's taken some shine off a stellar rally, although the stock is still up 212% in 2026.
Shares have dropped 17% over the past five trading sessions, but they were rallying on Thursday as investors bought the dip in tech stocks despite the U.S. and Iran exchanging fire for a second straight day.
The parent of rival SK Hynix outlined a plan to produce three times as many wafers on Thursday. The South Korean memory-chip maker doesn't expect to triple output until 2034, which is likely too far away to spark unease among Micron shareholders.
"Our calculations show that our wafer capacity will double within five years," SK Group Chairman Chey Tae-won told Nikkei Asia. "But honestly, once all these facilities are built, it won't just double, it will triple by around 2034."
Wafers are the thin pieces of silicon on which microchips are printed, so producing more of them would enable SK Hynix to manufacture more of its semiconductors.
SK Hynix's South Korean shares climbed 2.6% on Thursday.
