Taiwan President Expresses Gratitude to Micron CEO for Continued Investment and Trust

Taiwan president thanks Micron CEO for his trust in Taiwan

TAIPEI, July 12 (Reuters) - Taiwan President Lai Ching-te thanked memory chipmaker Micron's (MU.O)New Tab, opens new tab Chief Executive Sanjay Mehrotra on Friday for his trust and continued investment in the island, in a rare public meeting with a senior foreign tech executive. It is very unusual for Taiwan's president to have publicised meetings with senior foreign tech executives despite the island being home to the world's largest contract chipmaker TSMC (2330.TW)New Tab, opens new tab, whose chips help to power the surge in artificial intelligence (AI) applications. Lai thanked Mehrotra for "showing trust and support for Taiwan" in video released by the president's office. "I want to thank Micron for its long-term investment in Taiwan and continuing to promote the upgrading of DRAM process technology in Taiwan," he added, referring to dynamic random access memory (DRAM) chips. Micron is one of the few providers of high-bandwidth memory (HBM) chips used in advanced AI systems. Taiwan hopes Micron will continue to expand its research and development capabilities, and the government will create a "friendly living environment" for foreign talents to meet the needs of companies, Lai said. "It's an honour to meet with you today," Mehrotra told Lai. Micron did not immediately respond to a request for comment. Lai's meeting with Mehrotra was not previously announced in the president's official schedule which is sent to reporters. Lai, who took office in May, has faced sustained pressure from China, which views democratically-governed Taiwan as its own territory and calls him a "separatist". He rejects Beijing's sovereignty claims and has repeatedly offered talks that China has rebuffed. (This story has been refiled to change company identifiers in paragraphs 1 and 2) Reporting by Ben Blanchard; editing by Barbara Lewis

Taiwan president thanks Micron CEO for his trust in Taiwan

Lai thanked Mehrotra for "showing trust and support for Taiwan" in video released by the president's office. "I want to thank Micron for its long-term investment in Taiwan and continuing to promote the upgrading of DRAM process technology in Taiwan," he added, referring to dynamic random access memory (DRAM) chips. Micron is one of the few providers of high-bandwidth memory (HBM) chips used in advanced AI systems. Taiwan hopes Micron will continue to expand its research and development capabilities, and the government will create a "friendly living environment" for foreign talents to meet the needs of companies, Lai said. "It's an honour to meet with you today," Mehrotra told Lai. Micron did not immediately respond to a request for comment. Lai's meeting with Mehrotra was not previously announced in the president's official schedule which is sent to reporters. Lai, who took office in May, has faced sustained pressure from China, which views democratically-governed Taiwan as its own territory and calls him a "separatist". He rejects Beijing's sovereignty claims and has repeatedly offered talks that China has rebuffed. (This story has been refiled to change company identifiers in paragraphs 1 and 2) (Reporting by Ben Blanchard; editing by Barbara Lewis)

Taiwan's President Expresses Gratitude To Micron CEO For Ongoing Investment - Micron Technology (NASDAQ:MU)

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. See Also: Top Apple Analyst Says Don't Expect Much For iPhone 16 This Year, But Tim Cook-Led Company Has A Slew Of Tetraprism Camera Upgrades In Pipeline 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. Read Next: Elon Musk Repeats Old Prediction After Stability AI Founder Predicts China Will Be First Nation With 100M And Then 1B Robots Image via Shutterstock This story was generated using Benzinga Neuro and edited by Pooja Rajkumari Market News and Data brought to you by Benzinga APIs