Micron Boosts Factory Spending in Bid to Keep Up With Demand

Micron Technology Inc. warned that it will need to spend heavily on production to meet burgeoning demand, overshadowing a generally upbeat forecast from the largest US maker of computer memory chips. Capital spending will exceed $25B this fiscal year, which runs through August, the company said as part of its quarterly report on Wednesday. Analysts had estimated $22.4B. The heavy spending reflects the cost of keeping up with an insatiable appetite for Micron’s memory chips, especially the high-bandwidth components used in artificial intelligence computing.