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☆ China's biggest chipmaker SMIC warns of 'fierce' competition as it misses quarterly profit expectations
▼ + stars: | 2024-05-10 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

BEIJING, CHINA - DECEMBER 04: A logo hangs on the building of the Beijing branch of Semiconductor Manufacturing International Corporation (SMIC) on December 4, 2020 in Beijing, China. (Photo by VCG/VCG via Getty Images)Semiconductor Manufacturing International Corporation on Friday warned of intense competition in the chip industry after its first-quarter profit missed expectations. "Competition in the industry has been increasingly fierce and the pricing for commodity products basically follows the market trends," SMIC said on Friday during the firm's earnings call. SMIC, China's biggest contract chip manufacturer, is seen as critical to Beijing's ambitions of cutting foreign reliance in its domestic semiconductor industry as the U.S. continues to curb China's tech power. Revenue for the first quarter was $1.75 billion, up 19.7% from a year earlier, as customers stocked up on chips, SMIC said.

Persons: SMIC Organizations: Semiconductor Manufacturing International Corporation, Getty, Samsung Electronics, Revenue Locations: BEIJING, CHINA, Beijing, China, U.S, South

☆ Huawei: US revokes some export licenses for selling semiconductors to Chinese company
▼ + stars: | 2024-05-08 | by ( ) edition.cnn.com time to read: +4 min

A fourth person said some of the companies were notified on Tuesday that their licenses were revoked effective immediately. The U.S. Commerce Department earlier in the day confirmed it had revoked some licenses but stopped short of naming the companies. “We have revoked certain licenses for exports to Huawei,” the Commerce Department said in a statement, declining to specify which ones it had withdrawn. The move could hurt Huawei, which still relies on Intel chips to power its laptops, and could hurt US suppliers that do business with the company. In a regulatory filing earlier this month, Qualcomm said it did not expect to receive more chip revenue from Huawei beyond this year.

Persons: Biden, Elise Stefanik, Trump, Critics, SMIC Organizations: Singapore Reuters, Intel, Qualcomm, Huawei Technologies, U.S . Commerce Department, Huawei, Republican, Commerce Department, “, Reuters, US Locations: Washington, Singapore, United States, Republican China, American, Communist, Qualcomm’s

☆ U.S. assessing if China's SMIC broke U.S. rules to make Huawei chip
▼ + stars: | 2024-03-22 | by ( ) www.cnbc.com time to read: +2 min

A logo hangs on the building of the Beijing branch of Semiconductor Manufacturing International Corporation (SMIC) on December 4, 2020 in Beijing, China. When asked by Representative Michael McCaul if SMIC broke U.S. export rules to produce the sophisticated chip, Alan Estevez, who oversees export policy, said "potentially yes. Questions have surfaced about whether SMIC illegally obtained U.S. tools to make the chip. That comes amid growing pressure from China hardliners to take action against the two companies since Huawei unveiled a new phone powered by a sophisticated chip manufactured at SMIC in August. When asked about SMIC's ability to produce the chip for Huawei using American tools, Estevez said, "I can't talk about any investigations that may or may not be going.

Persons: Biden, SMIC, Michael McCaul, Alan Estevez, Estevez, Trump, Donald Trump Organizations: Semiconductor Manufacturing International Corporation, Visual China, Getty, Commerce Department, Huawei, SMIC Locations: Beijing, China

☆ China may be making more advanced chips despite U.S. sanctions — but it still faces big problems
▼ + stars: | 2024-02-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

In this article 981-HK Follow your favorite stocks CREATE FREE ACCOUNTA Chinese flag next to a printed circuit board with semiconductor chips. Florence Lo | ReutersChina's biggest chipmaker SMIC seems to have been manufacturing advanced chips in the last few months — defying U.S. sanctions designed to slow down Beijing's progress. But last week, the Financial Times reported that SMIC is setting up new production lines to make 5 nanometer chips for Huawei. So when the Huawei Mate 60 came out last year with a 7 nanometer chip, that raised a lot of eyebrows. One expert told CNBC at the time that SMIC is likely using older chipmaking tools to make more advanced chips.

Persons: Lo, SMIC, Paul Triolo, Albright Stonebridge Organizations: HK, Reuters China's, Huawei, Semiconductor Manufacturing, Co, Financial Times, China's, CNBC Locations: U.S

☆ Exclusive: Applied Materials under US criminal probe for shipments to China's SMIC-sources
▼ + stars: | 2023-11-16 | by ( Karen Freifeld | ) www.reuters.com time to read: +4 min

A smartphone with a displayed Applied Materials logo is placed on a computer motherboard in this illustration taken March 6, 2023. Shares in Applied Materials fell 7.3% after the news and the company reported quarterly results. Reuters could not determine whether Applied Materials violated the law, and it isn't clear whether the investigation will result in charges. SMIC did not immediately respond to a request for comment on the shipments from Applied Materials. A spokesperson for China's embassy in Washington was not aware of the Applied Materials probe.

Persons: Dado Ruvic, SMIC, Liu Pengyu, Karen Freifeld, Anna Driver Organizations: REUTERS, Semiconductor, Applied, Justice Department, Reuters, Materials, Justice and Commerce, Attorney's, Prosecutors, National Security Unit, China's Semiconductor Manufacturing International Corporation, U.S . Commerce Department, Commerce Department, Federal Register, Lam Research Corp, U.S . Securities, Exchange Commission, Thomson Locations: U.S, South Korea, China, Santa Clara , California, Massachusetts, Boston, Gloucester, Washington

☆ Applied Materials forecasts upbeat first-quarter revenue on resilient demand
▼ + stars: | 2023-11-16 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

A smartphone with a displayed Applied Materials logo is placed on a computer motherboard in this illustration taken March 6, 2023. Reuters reported Applied Materials is under U.S. criminal investigation for potentially evading export restrictions on China's top chipmaker SMIC. Santa Clara, California-based Applied Materials, expects first-quarter revenue of $6.47 billion, plus or minus $400 million, higher than analysts' estimates of $6.37 billion, according to LSEG data. Companies focusing on generative AI tools this year has also led to an increase in spending for Applied Materials' equipment. Rival Lam Research (LRCX.O) last month forecast revenue below estimates due to weak memory chip demand, while KLA (KLAC.O) forecast revenue above expectations on growing adoption of AI tools.

Persons: Dado Ruvic, Gary Dickerson, Samrhitha, Shounak Dasgupta Organizations: REUTERS, Reuters, United, Justice and Commerce, Intel, Devices, Materials, Revenue, Lam Research, KLA, Thomson Locations: United States, China, U.S, Santa Clara , California, Bengaluru

☆ China receives US equipment to make advanced chips despite new rules-report
▼ + stars: | 2023-11-14 | by ( Alexandra Alper | ) www.reuters.com time to read: +3 min

Flags of China and U.S. are displayed on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Nov 14 (Reuters) - Chinese companies are buying up U.S. chipmaking equipment to make advanced semiconductors, despite a raft of new export curbs aimed at thwarting advances in the country's semiconductor industry, a congressional report said on Tuesday. China watchers had theorized that SMIC could have made the chip with equipment obtained prior to the October 2022 rules, but it had other options for obtaining the equipment from oversees, the report shows. The United States managed to plug a key loophole in its efforts to stymie China's access to advanced chipmaking tools by convincing allies Japan and the Netherlands, with similarly robust chipmaking equipment industries, to announce their own restrictions on exports of the coveted technology. China's imports of semiconductor equipment from all countries totaled $13.8 billion (RMB 100 billion) over the first eight months of 2023, it added.

Persons: Florence Lo, United States scrambles, SMIC, Alexandra Alper, Chizu Organizations: REUTERS, Rights, U.S, Biden, Commerce Department, Huawei, SMIC, United, Office, Thomson Locations: China, U.S, United States, Netherlands, Japan

☆ China's largest chipmaker SMIC posts a 80% drop in third-quarter profit
▼ + stars: | 2023-11-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

BEIJING, CHINA - DECEMBER 04: A logo hangs on the building of the Beijing branch of Semiconductor Manufacturing International Corporation (SMIC) on December 4, 2020 in Beijing, China. (Photo by VCG/VCG via Getty Images)China's largest chipmaker SMIC on Thursday posted a 80% drop in third-quarter profit as global demand weakness hit foundries hard. Net income for the quarter plunged 80% compared to a year ago — larger than the 64% drop posted in second quarter 2019, according to company figures. Net income for that period was $93.98 million, far below analysts' expectations of $165.1 million. SMIC is China's biggest foundry, manufacturing semiconductor chips that other firms design.

Organizations: Semiconductor Manufacturing International Corporation, Getty, Semiconductor Manufacturing, Co, Samsung, TSMC Locations: BEIJING, CHINA, Beijing, China, South, U.S

☆ CNBC Daily Open: Powell’s hawkish speech sent bond yields soaring
▼ + stars: | 2023-11-10 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Hawkish PowellIn a speech that carried broad hawkish overtones, Federal Reserve Chair Jerome Powell said the U.S. central bank is "not confident" monetary policy is "sufficiently restrictive to bring inflation down to 2 percent." Still, Powell acknowledged there's a "risk of overtightening," and said "monetary policy is generally working the way we think it should work." Both are economic giants that have yet to achieve their full potential, but hold promises for emerging market investors.

Persons: Hawkish Powell, Jerome Powell, Powell, there's, Hong, Wynn Macau, Tesla's, Tesla, SMIC Organizations: CNBC, Nasdaq, Wynn, HSBC Global, HSBC, Li Auto, Chinese Passenger Car Association Locations: U.S, Asia, Pacific, Tesla's, China, India, —

☆ China's chip equipment firms see revenue surge as Beijing seeks semiconductor self-reliance
▼ + stars: | 2023-09-28 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Washington has sought to use export restrictions to cut off Beijing from key semiconductor equipment and technologies. China's domestic semiconductor industry has previously heavily relied on foreign companies for these tools, leaving Beijing's industry behind the likes of the U.S., South Korea and Taiwan. That has underpinned the boost in revenues for China's domestic chip equipment manufacturing firms. CINNO names Naura Technology Group Co. as the top Chinese semiconductor equipment maker by revenue. The second-largest Chinese domestic player is Advanced Micro-Fabrication Equipment Inc. China (AMEC), which makes machines required for the semiconductor manufacturing process.

Persons: Florence Lo, CINNO Organizations: Reuters Revenue, Semiconductors, U.S, Huawei, China's, Naura Technology, Inc . China Locations: China, Beijing, Shanghai, China . Washington, U.S, South Korea, Taiwan

Sino-U.S. friction has worsened in recent years as Washington tries to restrict China's access to key technologies including cutting-edge chip technology, and Beijing looks to reduce its reliance on American tech. A customer talks to sales assistants in an Apple store as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. "This is textbook Chinese Communist Party behavior - promote PRC (People's Republic of China) national champions in telecommunications, and slowly squeeze Western companies' market access," Gallagher, a Republican, told Reuters. The drop in the technology sector weighed on the three main U.S. stock indexes, particularly the tech-heavy Nasdaq Composite, which closed down 0.9%. IPHONE SLOWDOWNChina has been a bright spot for Apple in an otherwise tough period for iPhone sales.

Persons: chipmaker SMIC, Jake Sullivan, Sullivan, Thomas Peter, Biden, Mike Gallagher, Gallagher, Mark Warner, Rick Meckler, Susannah Streeter, Hargreaves Lansdown, Streeter, Aditya Soni, Jaspreet Singh, Shristi Achar, Diane Bartz, David Gaffen, Shounak Dasgupta, Devika Organizations: Apple, Street, Washington, Huawei, HK, U.S . Commerce Department, National, Air Force, BofA Global Research, Qualcomm, REUTERS, Beijing, Communist Party, People's, Republican, Reuters, U.S, Senate Intelligence Committee, planemaker Boeing, Micron, Broadcom, Texas, Nasdaq, Cherry Lane Investments, Hargreaves, Thomson Locations: Beijing, US, China, U.S, Kirin, People's Republic of China, Bengaluru

☆ Apple tumbles, drags tech stocks lower as fears grow over China iPhone curbs
▼ + stars: | 2023-09-07 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

A customer talks to sales assistants in an Apple store as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. Apple suppliers and companies with large China exposure including Broadcom (AVGO.O), Qualcomm (QCOM.O) and Texas Instruments (TXN.O) fell between 1.4% and 4.7%. The moves by Beijing also come at a time when Apple is grappling with a decline in iPhone sales, with China being a bright spot in what was an otherwise disappointing quarterly earnings report last month. The sanctions had hammered Huawei's sales in its home country and allowed Apple to take some market share from the national favourite. Apple could, however, see a demand boost after an event next week where it is expected to unveil its iPhone 15 line-up, as well as new smartwatches.

Persons: Thomas Peter, D.A Davidson, Tom Forte, chipmaker SMIC, Aditya Soni, Jaspreet Singh, Shounak Dasgupta Organizations: Apple, REUTERS, company's, Broadcom, Qualcomm, Texas, Reuters, Beijing, planemaker Boeing, Street, HK, Huawei, Bofa Global Research, Thomson Locations: Beijing, China, Washington, The U.S, U.S, Kirin, Bengaluru

People walk past a Huawei store with advertisements for the Mate 60 series smartphones, at a shopping mall in Beijing, China August 30, 2023. That's another really big advance they've made," Dan Hutcheson, an analyst with TechInsights, told Reuters. "The significance is that it shows that China has been able to stay 2-2.5 nodes behind the world's best (chip) companies. "China's been buying tools like crazy so they probably have the capability to do this and yield ok with it." Huawei and SMIC did not immediately respond to requests for comment.

Persons: Yelin, they've, Dan Hutcheson, TechInsights, chipmaker SMIC, Hutcheson, Gina Raimondo's, it's, China's, Brenda Goh, Joyce Lee, David Kirton, Miyoung Kim, David Evans Organizations: Huawei, REUTERS, Rights, Huawei Technologies, Reuters, The, HK, U.S . Commerce, SMIC, Apple, South Korea's SK Hynix Inc, SK Hynix, U.S, Thomson Locations: Beijing, China, The Ottawa, Huawei's, U.S, Seoul, Shenzhen

People walk past a Huawei store with advertisements for the Mate 60 series smartphones, at a shopping mall in Beijing, China August 30, 2023. REUTERS/Yelin Mo/File Photo Acquire Licensing RightsSHANGHAI, Sept 7 (Reuters) - Huawei Technologies' new high-end smartphone contains more China-made chip components than previous models in a sign of Beijing's advances in the semiconductor sphere, according to research firm TechInsights, which is taking the device apart. That's another really big advance they've made," Dan Hutcheson, an analyst with TechInsights, told Reuters. "The significance is that it shows that China has been able to stay 2-2.5 nodes behind the world's best (chip) companies. "China's been buying tools like crazy so they probably have the capability to do this and yield ok with it."

The difficulty of this achievement also shows the resilience of the country’s chip technological ability," TechInsights analyst Dan Hutcheson said. EUV refers to extreme ultraviolet lithography and is used to make 7 nm or more advanced chips. LIMITED ACHIEVEMENTThe most advanced chip SMIC had previously been known for making was 14nm, as it was barred by Washington in late 2020 from obtaining an EUV machine from Dutch firm ASML (ASML.AS). But TechInsights last year said it believed SMIC had managed to produce 7 nm chips by tweaking simpler DUV machines it could still purchase freely from ASML. Jefferies analysts reckon Huawei is preparing to ship ten million units of the Mate 60 Pro, though it may struggle to support that quantity with China-made 7 nm chips.

Persons: Gina Raimondo's, chipmaker SMIC, Dan Hutcheson, EUV, Jefferies, TechInsights, SMIC, Tilly Zhang, Dragonomics, Zhang, Doug Fuller, David Kirton, Max Cherney, Brenda Goh, Miyoung Kim, Nick Zieminski Organizations: FRANCISCO, Huawei Technologies, U.S, Huawei, U.S . Commerce, Kirin, HK, U.S . Commerce Department's, of Industry, Security, China, U.S . Department of Commerce, China's State Council, Reuters, Copenhagen Business School, Thomson Locations: SHENZHEN, China, California, Washington, Ottawa, U.S, China's, Netherlands

☆ Teardown of Huawei's new phone shows China's chip breakthrough
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] A staff member introduces the new Huawei Mate 60 smartphone to customers at the Huawei flagship store in Shenzhen, Guangdong province, China August 30, 2023. Huawei's Mate 60 Pro is powered by a new Kirin 9000s chip that was made in China by Semiconductor Manufacturing International Corp (SMIC), TechInsights said in the report shared with Reuters on Monday. Huawei started selling its Mate 60 Pro phone last week. The specifications provided advertised its ability to make satellite calls, but offered no information on the power of the chipset inside. Buyers of the phone in China have been posting tear-down videos and sharing speed tests on social media that suggest the Mate 60 Pro is capable of download speeds exceeding those of top line 5G phones.

Persons: David Kirton, Huawei's, TechInsights, Gina Raimondo, Dan Hutcheson, " Raimondo, Shivani Tanna, Max A, Sandra Maler Cherney, Shilpi Majumdar Organizations: Huawei, REUTERS, Huawei Technologies, HK, Semiconductor Manufacturing International Corp, Reuters, Bloomberg News, SMIC, U.S . Commerce, Thomson Locations: Shenzhen, Guangdong province, China, Kirin, U.S, SMIC, Bengaluru, Max, San Francisco

☆ Foxconn's push to break into semiconductor sector
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

July 11 (Reuters) - Taiwan's Foxconn (2317.TW) said on Monday it had withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta (VDAN.NS), in a setback to Prime Minister Narendra Modi's chipmaking plans for India. Here is a timeline with key moves in Foxconn's efforts to get into chip making:MAY 2021Foxconn forms a joint venture with Yageo Corp (2327.TW) to expand its presence in the semiconductor industry. JUNE 2023Carmaker Stellantis (STLAM.MI) and Foxconn create a 50-50 joint venture to design and sell semiconductors for the automotive industry from 2026. The joint venture, called SiliconAuto, will supply Stellantis, including its new 'STLA Brain' electronic and software architecture, Foxconn and other customers. JULY 2023Foxconn withdraws from semiconductor joint venture with Vedanta.

Persons: Foxconn, Narendra Modi's chipmaking, Chiang Shang, Taiwan's TSMC, Carmaker, Ben Blanchard, Sonai Paul Organizations: Vedanta, Yageo Corp, Taiwan chipmaker Macronix, Tsinghua, Thomson Locations: India, Taiwan, Indian, Gujarat, Tsinghua Unigroup

☆ US threat gives ASML new headache on China exports
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, June 30 (Reuters Breakingviews) - ASML (ASML.AS) now has to look to Washington, not its home government in The Hague, to determine which of its top-class chip-making machines it can still sell to Chinese companies. The Dutch government on Friday moved to restrict sales by the $294 billion semiconductor giant of EUV and certain types of its DUV lithography machines. That gives Biden reach over not only Dutch firms but also suppliers like Germany’s Trumpf and Zeiss, which make lasers and lenses respectively. ASML said Friday's Dutch announcement won’t have a material impact on its bottom line. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Joe Biden, Biden, ASML, Rebecca Christie, ’, crouch, George Hay, Pranav Kiran Organizations: Reuters, China’s, HK, Zeiss, Union, Twitter, Thomson Locations: BRUSSELS, Washington, The Hague, U.S, Netherlands, Japan, Brussels

☆ US targets China over semiconductors
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

The case initially started as a dispute between Micron Technology (MU.O) and the Chinese firm. Trump's move escalated it into the realm of an international trade conflict between the United States and China. January 2020: Reuters reported that the Trump administration had since 2018 had mounted an extensive campaign to block the sale of Dutch chip manufacturing technology to China. May 2020: The Trump administration blocks shipments of semiconductors to China's Huawei Technologies from global chipmakers, crippling its HiSilicon chip and smartphone divisions. December 2022: The U.S. adds Chinese memory chip maker YMTC and dozens of other Chinese firms to its trade blacklist.

Persons: Florence Lo, Joe Biden's, Donald Trump's, Trump's, Trump, Biden, Brenda Goh, Jamie Freed Organizations: REUTERS, Trump, Washington, Reuters, Former U.S, U.S . Justice Department, Micron Technology, Huawei Technologies, HK, Nvidia, Micron Devices, Thomson Locations: China, U.S, Netherlands, Former, Fujian, United States, ASML, Shanghai

☆ China's top chipmaker will 'struggle' to make cutting-edge chips competitively
▼ + stars: | 2023-04-28 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

China's largest chipmaker SMIC won't be able to produce cutting-edge chips competitively if it continues to be cut off from advanced equipment, analysts told CNBC. Vcg | Visual China Group | Getty ImagesChina's largest chipmaker SMIC won't be able to produce cutting-edge chips competitively if it continues to be cut off from advanced equipment, analysts told CNBC. Following the 2020 sanctions, the U.S. last year introduced sweeping export restrictions aimed at cutting China off from advanced chip tech and equipment. The Netherlands as well as Japan have reportedly followed the U.S. in imposing rules aimed at restricting China from accessing advanced chip tech. "Can SMIC produce in a commercially viable way scaled by the hundreds of thousands or tens of millions in some cases?

☆ ASML, China customers haunted by uncertainty on new Dutch chip export rules
▼ + stars: | 2023-03-09 | by ( Tosterling Philip Blenkinsop | Philip Blenkinsop | ) www.reuters.com time to read: +4 min

The "installed base" segment contributed about 25% of ASML's worldwide revenue in 2022. ING analyst Marc Hesselink calculated that the new Dutch rules could possibly affect products that account for 10% of ASML's worldwide sales. The Chinese may have a competitive advantage there, and ASML's sales in China could even grow modestly. Regardless, ASML will thrive outside China in the long run as chipmakers worldwide expand capacity, he said. "The demand for ASML machines is not going to be impacted, it's simply going to shift to a different region," he said.

☆ U.S. curbs slowly crippling Russia's military - official
▼ + stars: | 2023-02-16 | by ( Karen Freifeld | ) www.reuters.com time to read: +2 min

Feb 16 (Reuters) - A top U.S. trade official said on Thursday that export controls placed on Russia after the invasion of Ukraine have slowly reduced the supply of materials that Moscow can use to rebuild its war machine. "Evasion techniques are not going to get you the scale you need to reconstitute your military over time," Estevez said in an interview with Reuters. "It's easier to smuggle micro-electronics than it is to smuggle a CNC machine," Estevez said, referring to a computer-coded machine used for high-precision metal shaping and milling. Estevez reiterated that export controls and financial sanctions on Russia work over time, not at once. "Over time, Putin's war machine is going to be crippled, and as we continue to supply arms to Ukraine, their military capability is going up and Putin's is going down," he said.

☆ Chinese chipmaker SMIC warns of weak outlook despite record 2022 revenue
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Feb 9 (Reuters) - Chinese chip foundry Semiconductor Manufacturing International Corp (SMIC) (0981.HK) on Thursday warned of a weak 2023 despite record high sales last year, as slowing demand for electronics placed pressure on its business. Backed by funding from Beijing, SMIC is China's best hope for becoming a global leader in chip manufacturing that can rival Taiwan Semiconductor Manufacturing Corporation (TSMC), the industry's largest foundry. SMIC has seen sales surge over the past two years, as global demand for low-end chips rocketed in the wake of the COVID-19 pandemic and a global chip shortage. On Thursday, it said total revenue for 2022 reached $7.23 billion, up 33.6% from 2021. Nonetheless, it is rapidly expanding capacity across China, announcing plans to build four new chip manufacturing plants since 2020.

☆ China's biggest chipmaker SMIC posts record 2022 revenue but warns of a tough year ahead
▼ + stars: | 2023-02-10 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

China's biggest chipmaker SMIC posted record revenue in 2022, despite ongoing U.S. sanctions, but warned of a more difficult year ahead given a slump in the semiconductor industry. SMIC said on Thursday that 2022 revenue totaled $7.2 billion, up 34% year-on-year while its gross margin stood at a record 38%. However, SMIC said revenue in the first quarter is forecast to decrease by between 10% to 12% versus the December quarter. It's a competitor to the likes of Taiwan's TSMC and South Korea's Samsung but SMIC's technology is several generations behind. Demand for certain chips that go into consumer products has slumped, such as memory, which has badly impacted SMIC as well as bigger firms like Samsung.

TAIPEI, Nov 22 (Reuters) - Major Apple Inc (AAPL.O) supplier and iPhone assembler Foxconn (2317.TW) said on Tuesday it had hired Chiang Shang-yi, a former top executive at Taiwanese chipmaker TSMC (2330.TW) and Chinese chipmaker SMIC, to lead its growing push in the chip business. Foxconn, the world's largest contract electronics maker, is best known for assembling iPhones and other Apple products, though in recent years it has been expanding into chips to diversify its business. Chiang previously worked as vice president of research and development at Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker. He was more recently the vice chairman of Semiconductor Manufacturing International Corp (0981.HK) (SMIC), the largest and most advanced chipmaker in China. Chiang resigned from his position at SMIC last November, roughly a year after joining the company for the second time.

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