Micron Technology Inc. plans to increase its spending on new plants in the United States to $250 billion to help meet unprecedented demand for its memory chips fueled by the global AI boom.

The funds would add $50 billion to the company’s previously announced commitment of $200 billion toward expanding domestic chipmaking, which includes projects in New York, Idaho and Virginia. The spending will carry through 2035 and support Micron’s goal of making 40% of its dynamic random access memory products in the U.S. a decade from now, the company announced today.

Shares of Micron rose as much as 9.1% to $1,035.50 after markets opened in New York. The company’s stock is up more than 250% since the start of the year, making it the best performer among U.S. semiconductor peers.

“The investment will create more than 90,000 jobs” and “help ensure the leading-edge technologies shaping the future are built right here in the United States,” Micron Chief Executive Officer Sanjay Mehrotra said at a company event in New York state.

Micron and other memory chipmakers have benefited from the breakneck build-out of AI infrastructure. High-end processors used in data centers require significant amounts of memory, and makers of memory devices have shifted production to serve a fast-growing market where they can demand higher premiums.

AI-driven demand for memory chips has touched off a worldwide shortage for components needed in a wide range of industries, including consumer electronics and automaking. Apple Inc. recently raised prices of all Macs, iPads, home devices and the Vision Pro, seeking to offset cost increases caused by the memory squeeze, and the iPhone maker has explored the politically risky step of buying memory products from two Chinese chipmakers blacklisted by the Pentagon.

Micron announced the latest investment plans ahead of an event outside a new plant near Syracuse, N.Y., that Trump administration officials, including Commerce Secretary Howard Lutnick, attended. In remarks, Lutnick said that “amazing companies are just investing massively in America, and of course, Micron being right at the top of the heap.”

Micron’s expanded U.S. investment follows the unveiling of plans by its two South Korean rivals, Samsung Electronics Co. and SK Hynix Inc., to invest a combined $880 billion over the next several years on added production capacity. SK Hynix is preparing to list its shares on U.S. exchanges in a move that could raise nearly $27 billion based on the most recent close of its stock in Seoul.

In a separate statement, Micron added that it will put $3 billion toward securing domestic supply chains for semiconductors, including $500 million in strategic financing for GlobalWafers Co., a Taiwanese silicon wafer supplier.

The two companies have entered into a 10-year agreement that will give Micron access to “significant raw silicon wafer capacity to support its long-term manufacturing plans and bolster the critical semiconductor manufacturing ecosystem in the United States,” according to the statement.

“Micron’s strategic investment in the U.S. semiconductor ecosystem and GlobalWafers’ raw silicon wafer manufacturing facility reflects our commitment to strengthening supply assurance, deepening collaboration with key suppliers, and supporting the expansion of the semiconductor supply chain and manufacturing infrastructure in the United States,” Ben Tessone, Micron’s senior vice president and chief procurement officer, said in the statement.

Micron and GlobalWafers are also open to collaborating on next-generation wafer technologies, according to the statement.

The U.S. government has been focused on building out semiconductor manufacturing capabilities in the country since the 2022 Chips and Science Act, passed under the Biden administration and revised after President Donald Trump took office. Micron was among the companies slated to benefit from the legislation, along with Intel Corp. and Taiwan Semiconductor Manufacturing Co.