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

Staff members wander past the logo of SK Hynix at its headquarters in Seongnam, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji

July 14 (Reuters) – South Korean chipmaker SK Hynix Inc is contemplating chopping its 2023 capital expenditure by about a quarter to 16 trillion won ($12.16 billion), Bloomberg Information reported on Thursday, citing folks common with the subject.

The go by SK Hynix, the world’s 2nd-biggest memory chip maker soon after Samsung Electronics , is in reaction to slower-than-predicted electronics need, in accordance to the report.

SK Hynix mentioned it has not made a decision regardless of whether to improve its funds expenditure prepare for following year.

Chipmakers this sort of as world’s major foundry TSMC (2330.TW) and memory chip maker Micron (MU.O) have flagged that desire for shopper electronics is cooling. read a lot more

High inflation, fears about a downturn in big marketplaces, China’s most up-to-date COVID lockdown, and the war in Ukraine have dampened consumer paying on PCs and smartphones, souring the memory chip industry’s outlook for following 12 months. read through more

($1 = 1,316.0400 won)

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

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