For China’s chip champion, the easy part is over

China’s chip champion has had some bumper years thanks to the pandemic. Now it faces two big problems at once: falling demand and rising geopolitical risks.

International Semiconductor Manufacturing China’s top contract chipmaker warned Friday of an impending chip recession after it reported slowing revenue for the quarter ended June. The company’s sales for the April-June period rose 3.3% from the previous quarter. It expects growth to slow further in the 0% to 2% range this quarter. SMIC benefited greatly from the chip shortage over the past few years: Its revenue last quarter more than doubled from the same period in 2019.

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