Micron Technology’s fiscal second-quarter revenue nearly tripled year-on-year and earnings per share rose nearly eightfold, but shares fell after the chipmaker said it would spend over $25 billion on new manufacturing facilities in fiscal 2026, about $5 billion more than prior forecasts.

Micron Technology’s shares in Europe surged nearly 12% after the U.S. chipmaker issued an upbeat forecast for its second quarter.