SMIC Accelerates Chip Capacity Expansion Amid US-China Tech War

Due to geopolitical factors limiting China`s access to foreign technology, Semiconductor Manufacturing International Corp. (SMIC) is accelerating its capacity expansion plans. This move comes as Chinese companies, encouraged by the government to prioritize domestic production, are increasingly turning to domestic chipmakers like SMIC. The company is experiencing higher demand than supply and increasing prices as a result. This announcement follows SMIC reporting better-than-expected earnings, leading to a surge in their stock price.