China has been outspending other nations on chips as it struggles to narrow the wide technology gap with Western nations. Expected benefits from Beijing’s latest pledges of stimulus have served as an additional catalyst for SMIC and domestic peers including Hua Hong Semiconductor Ltd., whose onshore shares are up 78% from their September low.
SMIC forecast higher-than-expected sales growth for this quarter as its competitive prices lured local chip designers, according to Bloomberg Intelligence. More broadly, China foundries “bottomed out earlier” than other global manufacturers of less-advanced chips, Counterpoint Research wrote in a note in August…Read More
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