TAIPEI -- China's top chipmaker, Semiconductor Manufacturing International Corp. (SMIC), has raised its capital expenditure budget for 2023 to $7.5 billion amid escalating U.S.-China tensions, despite posting an 80% decline in net profit for the July to September quarter.
The company also predicted a widespread chip supply glut outside the U.S. and China as geopolitical forces push countries to build up their own semiconductor supply chains.
