Intel and Micron Technology Set To Reveal New Chip Technology

Intel Corp. (Nasdaq: INTC) and Micron Technology Inc. (Nasdaq: MU) will introduce new flash memory chip developments in the next week.

The two companies have been developing NAND flash chips together in a joint venture. The chips are used in music players, cell phones and other electronic devices.

The two companies have been developing chips that can hold three bits of data in each of the millions of storage cells on a chip, as opposed to the usual one or two bits of data per cell.

The technology promises to increase memory capacity, lower costs or both.

Intel shares closed Monday up 2.1% at $20.32. Micron shares closed up 2.2% at $9.33.