BOISE, Idaho (AP) -- The head of Micron Technology Inc. predicts that only two or three memory chip manufacturing companies will survive the consolidation happening now in the industry.
Chairman and CEO Steve Appleton told shareholders at Micron's annual meeting in Boise Thursday that the chip maker's strong balance puts it in a good position to ride out the latest drop in chip prices.
The Idaho Statesman newspaper reports the company ended fiscal 2010 with $2.9 billion in cash, up from $1.5 billion a year ago.
Appleton has said the consolidation happening in the industry could take years. There are now 11 companies in the business.
More than half of Micron's chip manufacturing happens through joint ventures abroad, and the company has looked for more opportunities to expand.