Semiconductor Manufacturing International Corporation (SMIC) just posted its Q3 earnings report, and its profit declined 80% compared to last year (via CNBC). As China's largest foundry, SMIC represents the cutting-edge of the country's semiconductor fabbing industry, and it's clear that things aren't going super well.
Global factors are partly to blame for SMIC's poor showing in Q3. The global economy isn't in great health due to high inflation, which has resulted in lower consumer spending. In China, inflation hasn't been a problem, but consumers are decreasing spending as they focus on paying off debt. SMIC also has to contend with U.S. sanctions over Chinese silicon, and the company
