What's Going On With Micron Stock Following Taiwan Earthquake?

Micron Technology, Inc. MU shares are trading higher on Wednesday.

The tech behemoth reported that following the earthquake that struck Taiwan on April 3, 2024, all of Micron’s team members have been accounted for and reported to be safe. 

However, the company added that it is still evaluating the impact to its operations and supply chain.

Taiwan was hit by a powerful 7.2 magnitude earthquake on Wednesday, the most significant seismic event in the last 25 years. 

“We will communicate changes to delivery commitments to our customers after this evaluation is completed,” the company said in a press release.

On the flip side, the earthquake hit Taiwan Semiconductor Manufacturing Company Ltd. TSM hard, in response to which the firm promptly evacuated its factories, threatening production capabilities.

The earthquake struck at 8 a.m. local time, with its epicenter in Hualien, a mountainous and lightly populated county in eastern Taiwan. 

The Taiwan fire department reported one death, likely caused by falling debris, and more than 50 people were injured. 

Damage to several buildings was reported, with some individuals trapped inside.

According to Benzinga Pro, MU stock has gained over 112% in the past year. Investors can gain exposure to the stock via REX FANG & Innovation Equity Premium Income ETFFEPI and Invesco Semiconductors ETF PSI.

Price Action: MU shares are trading higher by 3.8% to $127.42 on the last check Wednesday. 

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