Chip stocks hammered

SINGAPORE:

A handful of chipmakers including Micron and AMD have signalled waning demand as red-hot inflation squeezes spending, even as it eases a two-year global semiconductor shortage that has hit production of everything from cars to smartphones. Chip stocks across the world tumbled on Friday after memory chip maker Micron Technology Inc forecast on Thursday much worse-than-expected revenue for the current quarter and said the market had “weakened considerably in a very short period of time.” Shares of Taiwan’s TSMC and MediaTek, Dutch chip-gear maker ASML, Franco-Italian firm STMicroelectronics, and Germany’s Infineon all fell on Friday. 

Published in The Express Tribune, July 2^nd, 2022.

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