Chinese chipmaker SMIC warns of weak outlook despite record 2022 revenue

SHANGHAI: Chinese chip foundry Semiconductor Manufacturing International Corp (SMIC) 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.

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