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Chipmaker UMC cuts capex in readiness for prolonged downturn

Taiwanese chipmaker United Microelectronics Corp (UMC) has cut this year’s planned capital expenditure by almost a fifth, it said on Wednesday, citing weakening consumer demand without signs of recovery. UMC, clients of which include U.S. company Qualcomm Inc and Germany’s Infineon, has benefited from a global semiconductor shortage that has kept chipmakers’ order books full over the past two years. “Moving into the fourth quarter, we expect to face headwinds amid demand weakness, impacted by factors including the inflationary environment and the Ukraine war,” UMC co-president Jason Wang said in an earnings call.

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