Industry leaders including Applied Materials (AMAT), ASML Holding, Intel and Taiwan Semiconductor Manufacturing Company (TSMC) have started reducing their financial guidance or scaling down operations, indicating a more challenging outlook, notes UOB Kay Hian analyst John Cheong.
Analysts from CGS-CIMB Research and UOB Kay Hian are remaining “overweight” on the tech manufacturing services sector despite the worsening operating environment.
On Oct 7, the US Department of Commerce slapped additional restrictions on semiconductor (semicon) exports to China, adding to concerns that the semicon industry is in for a downturn in 2023.
