Micron Technology was gaining early on Friday. The memory-chip company was brushing off the investment plans of its South Korean peer SK Hynix.

Micron stock was up 1.6% at $895.50 in premarket trading. The stock has dropped 10% in the past month but remains up more than 600% over the past 12 months.

Eyes are on when the supply of memory chips might catch up with the surging needs of artificial-intelligence hardware. SK Hynix said Friday that its board approved 54.3 trillion won ($38.15 billion) in investments for new chip fabrication facilities in its home country.

While that is hefty spending, it is unlikely to spook investors, who have already heard much bigger investment pledges. SK Hynix and Korean peer Samsung said in June they would spend a combined 800 trillion won ($518.58 billion) to build new chip-making hubs in southwest Korea.

Big chip manufacturing plants take years to build -- Micron's own $100 billion project in New York state was announced in 2022 and isn't expected to start production until 2030. As Barron's has written, no new major memory-chip manufacturing capacity will begin to come on line until about a year from now, with more slated for 2028.

SK Hynix's American depositary receipts were down 0.8% in the premarket. The company's stock closed down 4.9% in South Korea on Friday.