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Core Viewpoint - Micron Technology announced a significant investment of approximately $200 billion in the U.S. semiconductor manufacturing and R&D sector, which includes $150 billion for memory manufacturing and $50 billion for R&D, marking an increase of $30 billion from previous plans [2][7]. Investment Plans - The investment will create around 90,000 direct and indirect jobs and includes the establishment of a second leading memory manufacturing facility in Idaho, modernization and expansion of the Virginia facility, and the introduction of end-to-end high bandwidth memory (HBM) manufacturing capabilities to meet AI-driven demand [3][7][10]. - Micron's expansion vision encompasses two large wafer fabs in Idaho, four in New York, and the enhancement of the existing Virginia facility, aiming to produce 40% of DRAM in the U.S. [7][10]. HBM Market and AI Demand - HBM is widely used in the AI market, and analysts remain optimistic about the HBM industry chain benefiting from the rapid development of advanced computing chips and the semiconductor cycle recovery [4]. - Micron has begun sampling its 12-layer stacked 36GB HBM4 memory to major clients, featuring a 2048-bit interface and a transmission rate exceeding 2.0TB/s, with performance improvements of over 60% compared to previous generations [5][12]. Price Trends and Market Dynamics - DRAM prices have shown significant increases, with DDR4 (8GB) prices rising from $1.35 to $1.65 in April, a 22.2% increase, while NAND Flash (128GB) prices rose by 34% compared to the end of last year [16][18]. - The price of DDR5 (16GB) has also seen fluctuations, with a slight increase from $5.524 in April to $5.561 in May [16]. - Analysts predict that the rise in storage prices is primarily driven by supply-side manufacturers reducing output and downstream customers actively stockpiling [18]. Analyst Outlook - Several investment banks have raised their target prices for Micron, with Mizuho increasing its target from $124 to $130 and UBS from $92 to $120, citing improved corporate prospects and reduced tariff concerns [12]. - The global HBM industry revenue is expected to grow at an annual rate of 55% by 2027, with Micron's HBM business revenue growth potentially reaching 90%, significantly boosting overall revenue and profit margins [13].