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8/12, 8:37 AM (Source: TeleTrader)
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SMIC sees 'panic' in semiconductor industry

Semiconductor Manufacturing International Corporation (SMIC) co-CEO Zhao Haijun said on Friday that there is "panic" in the chip sector, attributing it primarily to the decreasing demand for smartphones and consumer electronics.

However, regional tensions outside of China also played a role, he stated during a conference call with analysts and investors, according to the Financial Times.

Without specifying whether he was speaking about United States sanctions against the company, the most recent Taiwan crisis, or both, Zhao noted that parts of the supply chain faced quick disruptions as a consequence of geopolitical events.

Baha Breaking News (BBN) / MS