DRAM and NAND wafer production cut 20%
Micron Technology is making deeper production cuts for 2023 over concerns that the economy is getting worse, continuing a significant reversal from the high demand that made chip shortages the norm during the first two years of the COVID pandemic.that it's reducing DRAM and NAND wafer production by roughly 20 percent compared to the fourth quarter of its fiscal 2022, which ended on September 1.
Micron said it's also planning to reduce capital expenditures, going further than the 30 percent cut in investments for production in 2023 that it hadThe chip biz is taking the measures because a slowdown in demand for Micron's memory and storage chips have resulted in a stockpile of DRAM and NAND silicon that is simply too big.
"Micron is taking bold and aggressive steps to reduce bit supply growth to limit the size of our inventory. We will continue to monitor industry conditions and make further adjustments as needed," said Micron CEO Sanjay Mehrotra in a statement. Micron is making the production cuts as it expects to receive significant federal and state subsidies to build new chip manufacturing plants in the US over the next two decades. The company has pledged to
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