Samsung Comments On Chip Sales, Expects Ongoing Weakness To Over To 2023 - Samsung Electronics Co (OTC:SSNLF)

Samsung Electronics Co, Ltd SSNLF sees the sharp downturn in chip sales extending into next year, marking a significant setback for the semiconductor industry reeling from a dramatic pullback in PCs, smartphones, and data servers sales, the Wall Street Journal reports.
"The second half of this year looks bad, and as of now, next year doesn't really seem to show a clear momentum for much improvement," said Kyung Kye-hyun, who heads Samsung's semiconductors unit and serves as the company's co-CEO, at a media briefing at its new chip fab in Pyeongtaek.
Earlier, weaker guidance from Micron Technology Inc MU sent technology and chip stocks lower.
Despite the slowdown, Kye-hyun said Samsung would continue to expand its investment and R&D spending. He suggested Samsung could, as it did during prior industry dry spells, exploit the downturn to capture more market share.
Rather than taking sides in the U.S.-China conflict, Kye-hyun chose to find a win-win solution for all sides. China makes up 40% of Samsung's global tech demand.
Kye-hyun acknowledged difficulties pursuing business in China following U.S.'s Chips Act.
He added that the Taiwan Semiconductor Manufacturing Company Ltd TSM rival's contract-chipmaking, or foundry business, had faltered in ensuring sufficient customer capacity during widespread shortages.
Samsung's semiconductor unit will invest in overseas locations as needed based on market changes, he added.
Price Action: TSM shares traded lower by 1.57% at $78.77 in the premarket on the last check Wednesday.
Photo by Pierre Lecourt via Flickr

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