SMIC Profits Drop but Chipmaker Sees Demand Stabilizing as China Relies on Local Manufacturing
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SMIC's Q3 profit dropped over 70% but expects Chinese chip demand to stabilize soon.
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SMIC increased its 2022 capital expenditure forecast to about $7.5 billion.
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SMIC believes semiconductor demand will rely on local Chinese firms' manufacturing capabilities.
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SMIC may face more US restrictions but has accelerated purchases from Western suppliers.
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SMIC revenue dropped in Q3 but has gained market share as more local firms choose SMIC.