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Micron: New Chip 1,000-Times Faster

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Micron officials, who watched the company's stock fall to $18.76 per share on the NASDAQ exchange (compared to $36 per share in December 2014), are pointing to the tech firm's development of a next-generation memory chip that promises to be 1,000 times faster and 1,000 times more durable than the NAND memory chips currently on the market.

The new technology, developed with Intel, is called 3D Xpoint and is expected to arrive in 2016. According to The Wall Street Journal's marketwatch.com, Micron officials said the new memory chips could "bring dramatic performance gains to computers, smartphones and other kinds of high-tech products" while storing 10 times more data than dynamic random access memory.

“This is a whole new paradigm,” said Micron President Mark Adams, predicting the technology will cause “a major disruption” in the $78.5 billion memory chip market, reports marketwatch.com

In July, a Chinese company announced its desire to buy Micron Technology for $23 billion, but inside sources told Reuters that the deal was "not realistic because U.S. authorities would block the deal due to national security reasons."