In what has been a confusing week for the chip industry, one thing is clear: its near-term fate may be in the hands of the same tech giants who are under a lot of pressure to slash their own costs. Quarterly results from Nvidia and a production cut warning from Micron, both on Wednesday, seemingly painted two different pictures. Nvidia managed to beat Wall Street’s estimates for its key data center and videogames businesses while also sounding an optimistic note for 2023, because of new products for both segments. Micron, on the other hand, says it plans to slash production in order to produce less DRAM memory next year than it will this year, as part of an effort to address oversupply caused by the rapid deterioration of major chip markets such as PCs and smartphones. Morgan Stanley’s Joseph Moore , who has covered Micron for more than a decade, called the move “unprecedented” in a note to clients.

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