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Memory Chipmaker SK Hynix Weighs Slashing Spending by a Quarter in 2023

  • No. 2 memory chipmaker is reassessing projected demand
  • Hynix, Samsung shares surge their most in months on the news
SK Hynix Inc. office building in Seongnam.
SK Hynix Inc. office building in Seongnam.Photographer: SeongJoon Cho/Bloomberg
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SK Hynix Inc. is considering cutting its 2023 capital expenditure by about a quarter to 16 trillion won ($12.2 billion) in response to slower electronics demand than anticipated, people familiar with the matter said. 

The world’s second largest memory maker is sticking largely with plans to spend about 21 trillion won this year building up DRAM and NAND capacity, the people said. But rising uncertainty over dwindling demand for the chips that go into everything from smartphones to servers has forced a rethink of expansions next year, they said, asking not to be identified talking about undisclosed plans.