Micron plans to invest $24 billion in building a memory chip manufacturing plant in Singapore.

US storage chip manufacturer Micron Technology announced a $24 billion investment plan on Tuesday to build a new storage chip manufacturing plant in Singapore to increase production in the midst of a global severe shortage. Micron said the new investment will establish an advanced wafer manufacturing plant over the next decade, which will help meet the growing demand for NAND storage chips in the market, as the rise of artificial intelligence and data-centric applications will further drive this demand. The company added in a statement that wafer production will begin in the second half of 2028, with a clean room area exceeding 700,000 square feet. 98% of Micron's flash memory chips are produced in Singapore, and the company is also building a $7 billion advanced packaging plant in Singapore for the production of high-bandwidth memory used in artificial intelligence chips, which will start production in 2027. The company added on Tuesday that Singapore's HBM chip packaging plant is expected to contribute to the supply chain in 2027.