Micron Technology
stock surged early Monday after semiconductor giant
Samsung Electronics
said it plans to make meaningful cuts to chip production amid a global demand slump.
The announcement by the world’s biggest memory chip maker follows Micron’s (ticker: MU) own cuts to production and capital expenditure. The second-largest memory chip maker
SK Hynix
(000660.South Korea) has also slashed capital expenditure for 2023.
