bodyType

customContents

entityId

printArticlePageQuery

filter

article

body

urlAlias

articleSectionsContent

articleSeoArticle

articleSourceHeaderArticle

contentSchemaRenderContent

contentSubHeadlineContent

contentHeadlineContent

mainImagePrintArticleArticle

authorBlockPrintArticleArticle

contentSponsorTagContent

articlePianoPaywallContent

scmpYoutubeContent

hooksTrackPageViewArticle

query printArticlePageQuery(
  $entityId: String!
  $customContents: [CustomContentInput]
  $bodyType: BodyFormatTypeEnum
) {
  article(filter: {entityId: $entityId}) {
    entityId
    body(customContents: $customContents, type: $bodyType) {
      json
    }
    urlAlias
    ...articleSectionsContent
    ...articleSeoArticle_3o8td4
    ...articleSourceHeaderArticle
    ...contentSchemaRenderContent
    ...contentSubHeadlineContent
    ...contentHeadlineContent
    ...mainImagePrintArticleArticle
    ...authorBlockPrintArticleArticle
    ...contentSponsorTagContent
    ...articlePianoPaywallContent
    ...scmpYoutubeContent
    ...hooksTrackPageViewArticle
    id
  }
}

fragment articlePianoPaywallContent on Content {
  __isContent: __typename
  ...hooksPaywallPromiseContent
}

fragment articleSectionsContent on Content {
  __isContent: __typename
  sections {
    value {
      ...helpersCheckIfNewsSectionInFirstIndexSection
      ...entityLink
      name
      id
    }
  }
}

fragment articleSeoArticle_3o8td4 on Article {
  ...hooksArticleSeoArticle
  ...helpersCheckIsPostiesArticle
  ...helpersGetArticleTypeArticle
  entityId
  publishedDate
  updatedDate
  summary {
    text
  }
  subHeadline {
    text
  }
  body(customContents: $customContents, type: $bodyType) {
    text
  }
  keywords
  sections {
    value {
      name
      id
    }
  }
  topics {
    name
    entityId
    id
  }
  urlAlias
  authors {
    name
    id
  }
  images {
    style(filter: {style: "768x768"}) {
      url
    }
  }
  readingTime
}

fragment articleSourceHeaderArticle on Article {
  urlAlias
  ...entityLink
}

fragment authorBlockPrintArticleArticle on Article {
  ...defaultArticleDateContent
  ...authorNamesArticle
}

fragment authorNameAuthor on Author {
  ...entityLink
  name
  entityUuid
}

fragment authorNamesArticle on Article {
  authorLocations
  authors {
    entityId
    location
    ...authorNameAuthor
    id
  }
}

fragment blockquoteQuoteContent on Content {
  __isContent: __typename
  ...contentShareWidgetContent
}

fragment checkersCheckContentContainsStarlingImageContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment contentHeadlineContent on Content {
  __isContent: __typename
  headline
  socialHeadline
  ...contentHeadlineTagContent
  ...helpersUseContentSponsorContent
}

fragment contentHeadlineTagContent on Content {
  __isContent: __typename
  ...hooksContentHeadlineTagContent
}

fragment contentNewsletterWidgetContent on Content {
  __isContent: __typename
  topics {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
    id
  }
  sections {
    value {
      relatedNewsletters {
        ...helpersMassageToNewsletterItemNewsletter
        id
      }
      id
    }
  }
  ... on Article {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
  }
}

fragment contentSchemaRenderContent on Content {
  __isContent: __typename
  ...blockquoteQuoteContent
  ...imageContent
  ...inlineWidgetContent
  ...photoGalleryWidgetContent
  ...scmpYoutubeContent
}

fragment contentShareWidgetContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  shortUrl
  socialHeadline
  headline
}

fragment contentSponsorTagContent on Content {
  __isContent: __typename
  ...helpersUseContentSponsorContent
}

fragment contentSubHeadlineContent on Content {
  __isContent: __typename
  subHeadline {
    json
  }
  summary {
    json
  }
  ...contentSchemaRenderContent
}

fragment defaultArticleDateContent on Content {
  __isContent: __typename
  ...hooksArticleDateUtilsContent
}

fragment entityLink on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  __typename
  entityId
  entityUuid
  urlAlias
  urlRedirect {
    toUrl
    id
  }
  application {
    entityId
    id
  }
  ... on Section {
    fullSectionPath {
      entityId
      id
    }
    parentSection
  }
  ...helpersAppBarVariantBase
  ...helpersApplicationBase
  ...helpersCheckIsPlusArticle
  ...helpersStyleSectionContent
}

fragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsLiveArticle
  ...helpersCheckIsPlusPage
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...helpersSectionContent
  ...helpersStyleSectionContent
}

fragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPlusPage
}

fragment helpersCheckIfNewsSectionInFirstIndexSection on Section {
  name
}

fragment helpersCheckIsAmpEnabledArticle on Article {
  entityId
  types {
    value {
      entityId
      id
    }
  }
  sections {
    value {
      entityId
      id
    }
  }
  disableOffPlatformContent
  sponsorType
  published
  ...helpersCheckIsPlusArticle
  ...helpersCheckIsPostiesArticle
}

fragment helpersCheckIsLiveArticle on Article {
  flattenTypeIds
  liveArticle {
    status
    id
  }
}

fragment helpersCheckIsMainTopicContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment helpersCheckIsPlusArticle on Content {
  __isContent: __typename
  ... on Article {
    paywallTypes {
      entityUuid
      id
    }
  }
}

fragment helpersCheckIsPlusPage on Page {
  urlAlias
}

fragment helpersCheckIsPostMagazineArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesPage on Page {
  urlAlias
}

fragment helpersCheckIsStyleArticle on Content {
  __isContent: __typename
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersGetArticleTypeArticle on Content {
  __isContent: __typename
  ... on Article {
    types {
      value {
        entityId
        id
      }
    }
  }
}

fragment helpersMassageToNewsletterItemNewsletter on Newsletter {
  entityId
  name
  alternativeName
  description {
    text
  }
  summary {
    text
  }
  homepageDescription {
    text
  }
}

fragment helpersSanitizeArticleTypeEntityIdsArticle on Article {
  types {
    value {
      entityId
      id
    }
  }
}

fragment helpersSanitizeAuthorTypesArticle on Article {
  authors {
    types
    id
  }
}

fragment helpersSanitizedAuthorEntityIdsArticle on Article {
  authors {
    entityId
    id
  }
}

fragment helpersSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersStyleSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersUseContentSponsorContent on Content {
  __isContent: __typename
  topics {
    entityId
    sponsor {
      ...sponsorTagSponsor
      name
      type
      id
    }
    id
  }
  ... on Article {
    sponsorType
  }
  ...helpersCheckIsMainTopicContent
}

fragment hooksArticleDateUtilsContent on Content {
  __isContent: __typename
  createdDate
  publishedDate
  updatedDate
}

fragment hooksArticleSeoArticle on Article {
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...hooksContentHeadlineTagContent
  ...helpersCheckIsAmpEnabledArticle
  entityId
  headline
  socialHeadline
  types {
    value {
      entityId
      id
    }
  }
  authors {
    entityId
    id
  }
  images {
    generic_og: style(filter: {style: "og_image_scmp_generic"}) {
      url
    }
    styles(filter: {styles: ["og_image_posties_article", "og_postmag", "og_image_style", "og_image_scmp_analysis", "og_image_scmp_explainer", "og_image_scmp_editorial", "og_image_scmp_fact_check", "og_image_scmp_debate", "og_image_scmp_live", "og_image_scmp_obituary", "og_image_scmp_opinion", "og_image_scmp_review", "og_image_scmp_series", "og_image_scmp_generic"]}) {
      url
      style
    }
    type
  }
  urlAlias
}

fragment hooksContentHeadlineTagContent on Content {
  __isContent: __typename
  __typename
  ... on Article {
    types {
      value {
        name
        entityId
        description {
          text
        }
        id
      }
    }
    ...helpersCheckIsStyleArticle
  }
  flag
  sections {
    value {
      name
      id
    }
  }
  ...hooksContentHelperContent
}

fragment hooksContentHelperContent on Content {
  __isContent: __typename
  ...helpersSanitizeArticleTypeEntityIdsArticle
  ...helpersSanitizeAuthorTypesArticle
  ...helpersSanitizedAuthorEntityIdsArticle
  flag
}

fragment hooksPaywallPromiseContent on Content {
  __isContent: __typename
  entityId
  ...helpersCheckIsPostiesArticle
}

fragment hooksTrackPageViewArticle on Article {
  entityId
  publishedDate
  headline
  sections {
    value {
      name
      id
    }
  }
  urlAlias
  authors {
    name
    id
  }
  entityUuid
}

fragment imageContent on Content {
  __isContent: __typename
  headline
  ...checkersCheckContentContainsStarlingImageContent
}

fragment inlineWidgetContent on Content {
  __isContent: __typename
  ...contentNewsletterWidgetContent
}

fragment mainImagePrintArticleArticle on Article {
  images {
    title
    url
    isSlideshow
    size_652x446: style(filter: {style: "652x446"}) {
      url
    }
  }
}

fragment photoGalleryDialogContent on Content {
  __isContent: __typename
  __typename
  ...contentShareWidgetContent
}

fragment photoGalleryWidgetContent on Content {
  __isContent: __typename
  ...photoGalleryDialogContent
}

fragment scmpYoutubeContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  publishedDate
}

fragment sponsorTagSponsor on Sponsor {
  name
  type
  images {
    url
  }
}


sections

types

disableOffPlatformContent

sponsorType

published

headline

socialHeadline

authors

images

publishedDate

updatedDate

summary

subHeadline

keywords

topics

readingTime

authorLocations

entityUuid

Bloomberg

Chip makers from Taiwan to the United States are cranking up production to address semiconductor shortages that have hammered carmakers and other customers, as they try to emerge from the coronavirus pandemic.
Now that unprecedented surge in investment is fuelling fears the semiconductor industry will overshoot, adding so much capacity in the years ahead as demand subsides that profits will take a hit.
In the latest sign of concern over demand, Texas Instruments (TI), one of the largest makers of chips, warned that revenue for the third quarter could fall short of some analysts’ estimates. Sales will be US$4.4 billion to US$4.76 billion in the period ending in September, the company said, compared with analysts’ prediction of US$4.59 billion. The company’s shares fell about 4 per cent in extended trading.
The forecast was particularly puzzling because it came after TI, the world’s largest maker of analogue and embedded processors, reported a 41 per cent surge in second-quarter revenue. It led to a barrage of questions from analysts on why the company is not more optimistic and whether we are seeing the first signs of a slowdown in the notoriously cyclical industry.

Management cautioned that TI could not anticipate whether demand is peaking or whether growth at the current levels is sustainable.
“Our job isn’t to predict the future, it’s to prepare the company so we can handle anything and we’ve done that,” chief financial officer Rafael Lizardi said in an interview. “Some would argue that this time it’s different, but that’s a dangerous argument.”
Like other chip makers, TI has posted multiple quarters of double-digit percentage revenue growth, boosted by demand for a wide variety of devices that contain its tiny electronic components. The rapid run-up has caused speculation among analysts and investors that some of the orders reflect panic buying by customers who have grown anxious they will not be able get enough supply. Such behaviour in the past has caused crashes.
“TI posted yet another puzzling earnings report,” said Raymond James analyst Chris Caso in a note after the earnings report. “Revenue for the quarter significantly beat guidance, but it guided revenue flat, without much explanation for the conservative guidance.”
Caso indicated that “management likely suffers from a lack of confidence at the macro level, despite what clearly continues to be tight supply conditions at both TI and the semiconductor industry at large”.
China’s semiconductor imports surge in June amid global shortage
Lead times, the gap between ordering a semiconductor and taking delivery, increased to 19.3 weeks in June, a week and a half longer than in May, according to research from Susquehanna Financial Group. That gap, already the longest wait time since the firm began tracking the data in 2017, is now more than five weeks longer than the previous peak in 2018.
TI itself said the amount of in-house inventory fell to 111 days in the quarter, well short of the 130 to 190 days the company likes to have on hand. The company’s lead times have stretched for an increasing number of products.
The entire chip industry is cranking up investments to meet the surging demand.
Taiwan Semiconductor Manufacturing Co (TSMC), the world’s top chip maker, has pledged to invest US$100 billion over three years, including in a new fabrication plant in the US.
South Korea’s Samsung Electronics and SK Hynix will lead more than 510 trillion won (US$442 billion) of investment in semiconductor research and production in the years to 2030 under a national blueprint devised by President Moon Jae-in’s administration.

Senior industry executives, such as Intel Corp chief executive Pat Gelsinger, have predicted long-term growth for the industry at well above historical levels. They argue that chips are simply in more devices that never needed them and that will mitigate some of the historical slumps when the industry primarily supplied the computer and mobile phone industries.
This week, ASML Holding, the leading provider of equipment to make chips, said orders for machines that make high-end semiconductors rose to a record, as customers TSMC and Samsung get in line for key machinery. That gear, however, will not be producing chips until next year, at the earliest.
ASML chief executive Peter Wennink said the ongoing efforts by several governments to build chip capacity at home will boost orders for semiconductor equipment.

The company has historically underestimated how quickly the industry would grow in the past 15 years and Wennink said it is working to boost manufacturing to keep up.
TSMC chief executive C C Wei said in an earnings call last week that he expects the company’s capacity to remain tight throughout this year and into 2022.
There are signs the shortages are easing.
This year, US Commerce Secretary Gina Raimondo brokered meetings between semiconductor manufacturers, their suppliers and their customers including carmakers. She said this week there are improvements and that companies such as Ford Motor Co and General Motors Co are getting “a bit more of what they need”.


Texas Instruments, one of world’s largest chip makers, worries industry will make too many semiconductors

An employee of chip maker Taiwan Semiconductor Manufacturing Co carries a batch of 8-inch silicon wafers at one of its fabrication plants in the island. Photo: Handout

FILE PHOTO: U.S. Secretary of Commerce Gina Raimondo speaks during a high speed internet event at the Eisenhower Executive Office Building's South Court Auditorium at the White House in Washington, U.S., June 3, 2021.REUTERS/Evelyn Hockstein/File Photo

The entrance to the Texas Instruments plant on Wednesday, June 9, 2021, in Richardson, Texas. (Juan Figueroa/The Dallas Morning News/TNS)

FILE PHOTO: Employees are seen working on the final assembly of ASML's TWINSCAN NXE:3400B semiconductor lithography tool with its panels removed, in Veldhoven, Netherlands, in this picture taken April 4, 2019. Bart van Overbeeke Fotografie/ASML/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT./File Photo

The entire semiconductor industry is cranking up investments to meet growing demand for chips around the world. Photo: Reuters

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Amid a surge in investment to expand production capacity, chip makers fear profits will take a hit when global demand subsides
Analysts question whether chip makers are seeing the first signs of a slowdown in the notoriously cyclical industry



Chip makers from Taiwan to the US are ratcheting up investments to address shortages, but that surge is fuelling fears of potential overcapacity in the industry.


Texas Instruments, one of world’s largest chip makers, worries industry will make too many semiconductors

Amid a surge in investment to expand production capacity, chip makers fear profits will take a hit when global demand subsides Analysts question whether chip makers are seeing the first signs of a slowdown in the notoriously cyclical industry

Amid a surge in investment to expand production capacity, chip makers fear profits will take a hit when global demand subsides

Analysts question whether chip makers are seeing the first signs of a slowdown in the notoriously cyclical industry