SK Hynix has called US efforts to limit technology exports to China “painful” as it slashes capital spending over the next year to battle “unprecedented” slowing demand for chips used in electronics.
The South Korean chipmaker on Wednesday cut its 2023 capital expenditure by more than 50 per cent after reporting a 60 per cent drop in third-quarter operating profit due to higher inflation and sluggish global growth, missing market expectations.
SK Hynix said it expected difficulties upgrading its plant in Wuxi, China, as a result of Washington’s latest export controls targeting China’s semiconductor industry. The Wuxi plant accounts for nearly half of SK Hynix’s production of D-Ram chips used in computers, smartphones and servers.
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