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

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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.

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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)

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

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