SK Hynix weighs slashing spending by a quarter in 2023 – Bloomberg News

Workforce stroll earlier the brand of SK Hynix at its headquarters in Seongnam, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji

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July 14 (Reuters) – South Korean chipmaker SK Hynix Inc is thinking about reducing its 2023 funds expenditure by about a quarter to 16 trillion gained ($12.16 billion), Bloomberg News documented on Thursday, citing individuals familiar with the matter.

The go by SK Hynix, the world’s second-largest memory chip maker immediately after Samsung Electronics , is in response to slower-than-anticipated electronics desire, according to the report.

SK Hynix stated it has not made a decision regardless of whether to improve its funds expenditure prepare for up coming yr.

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Chipmakers these kinds of as world’s biggest foundry TSMC (2330.TW) and memory chip maker Micron (MU.O) have flagged that need for customer electronics is cooling. study additional

Large inflation, considerations about a downturn in major markets, China’s newest COVID lockdown, and the war in Ukraine have dampened client shelling out on PCs and smartphones, souring the memory chip industry’s outlook for following yr. study more

($1 = 1,316.0400 gained)

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Reporting by Jose Joseph in Bengaluru and Joyce Lee in Seoul Editing by Rashmi Aich and Lincoln Feast.

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