A weak memory market and U.S. sanctions on China semiconductor producers are two driving factors behind the expected -19% drop in semiconductor capital spending in 2023.
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At the start of this year, semiconductor suppliers were enjoying a strong influx of orders due to robust post-Covid-19 economic activity. Booming demand pushed most wafer fab utilization rates well above 90%. Many semiconductor foundries operated at 100% utilization. Capital spending budgets for 2022 were set in place to reflect the strong ongoing demand.
