China chipmaker SMIC says consumer electronics to recover in 2025

TAIPEI -- Top Chinese chipmaker Semiconductor Manufacturing International Corp. said it expects consumer electronics demand to recover next year, after demand for locally made chips helped push its quarterly revenue above $2 billion for the first time.

Co-CEO Zhao Haijun told investors on Friday that SMIC started to see a recovery in consumer electronics in the July-September period. Increased demand for locally made chips amid U.S.-China tensions has pushed the company's 12-inch wafer production utilization to "almost full for the past several quarters."