In an unusual public acknowledgment, Taiwan’s President, Lai Ching-te, has expressed his appreciation to Micron’s CEO, Sanjay Mehrotra, for his sustained investment and trust in Taiwan.
What Happened: This public recognition is a rare event, considering Taiwan is home to the world’s largest contract chipmaker, TSMC, as reported by Reuters on Monday.
Lai commended Mehrotra for his support and trust in Taiwan, as per a video released by the president’s office. He also expressed his gratitude to Micron for its long-term investment in Taiwan and its efforts to enhance the DRAM process technology in the country.
Micron, one of the few providers of high-bandwidth memory (HBM) chips essential for advanced AI systems, is expected by Taiwan to continue expanding its research and development capabilities. The government, Lai stated, will strive to create a “friendly living environment” for foreign talents to meet companies’ needs.
The meeting between Lai and Mehrotra was not previously announced in the president’s official schedule. Lai, who took office in May, has been under constant pressure from China, which considers Taiwan its territory and labels him a “separatist”. Lai rejects Beijing’s sovereignty claims and has repeatedly offered talks that China has rejected.
Why It Matters: This public acknowledgment comes after significant investors made a noticeable bearish move on Micron Technology earlier this month. The trading activity suggests that these investors are aiming for a price territory ranging from $72.5 to $165.0 for Micron Technology over the recent three months.
Moreover, Micron is set to report its third-quarter financial results soon. Analysts expect Micron to report third-quarter revenue of $6.63 billion. The company’s focus on AI and its role as one of the few providers of HBM chips could have significant implications for its earnings.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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