Micron’s Taiwan deal looks routine until you zoom out

Micron Technology is making a very “tell me you think demand stays hot without telling me” kind of move. The U.S. memory chip producer signed a letter of intent to buy Powerchip Semiconductor Manufacturing's P5 production plant in Tongluo, Taiwan, for $1.8 billion in cash, Reuters reported, causing Powerchip's stock price to rise dramatically. This isn't Micron "adding a little capacity." Micron is spending $1.8 billion to get ready for a memory market that it thinks will continue to be structurally tigh ...