Asian tech firms from chipmaker Samsung to display panel maker LG Display warned of a sharp slowdown in demand for smartphones, TVs and gadgets as surging inflation and deepening concerns of a recession crimp consumer spending.
Data centre customers, backed by tech heavyweights including Microsoft and Alphabet that reported strong quarters, have been a bright spot so far for chipmakers. In recent weeks, US chipmakers including Micron and AMD have signalled waning demand as well after a two-year long semiconductor shortage that crimped production of consumer electronics and cars.
Smartphone sales in China, the biggest market in the world, fell 14.2 per cent in April to June while volumes hit a decade low, Counterpoint Research said on Wednesday.While analysts expect stronger demand for iPhones than for other smartphones, Apple announced discounts in China this week, a move it occasionally makes when sales are slow.
Earlier this month, China's automobile industry association cut its sales forecast for the year as COVID-19 measures weighed on demand, which authorities are now trying to revive with incentives such as lower purchase tax for some cars.
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