Shares of Micron Technology (MU) - Get Micron Technology, Inc. Report rose on Wednesday after the chipmaker said, according to a media report, that it planned to invest more than $150 billion over the next 10 years to meet increasing demand.
The Boise, Idaho, company plans to spend some of that money to expand its current chip-production facilities and potentially build new ones.
A worldwide semiconductor shortage has hampered production in consumer electronics, cars and many other industries.
"We will be engaging with the governments around the globe, including in the U.S., to address our needs for growing our supply in line with our demand expectations for the 2030 era,” Chief Executive Sanjay Mehrotra told The Wall Street Journal.
Mehrotra urged U.S. lawmakers to step in to help bring manufacturing back to the West. He said he supported proposals from the Joe Biden administration to boost domestic chip production.
Shares of Micron on Wednesday closed 1% higher to $68.27.
The Journal report notes that in 1990 more than three-quarters of chips were produced in the U.S. and Europe. Today those two account for less than a quarter of chips produced.
In June, the Senate passed legislation to increase government spending on technology research and development, and included $52 billion to encourage semiconductor production domestically.
A number of chipmakers have said they planned to increase capacity, the Journal notes.
Intel intends to build two new chip facilities in Europe and could expand from that, bringing the total spend to as much as 80 billion euros, or $95 billion, CEO Pat Gelsinger said, according to The Journal.