China's largest semiconductor manufacturer, the Semiconductor Manufacturing International Corporation (SMIC), plans to invest $7 billion through capital expenditure this year, shared its management during the firm's earnings call for its fiscal first quarter earlier today. The firm explained that it would refrain from profit distribution for 2024 as it is investing the money into future growth. SMIC's capital expenditure dipped significantly in the first quarter to $1.4 billion for a 57% annual drop over the year-ago quarter's $2.2 billion. SMIC's financial head shared the details during the fall, as he outlined that the firm will maintain its 2024 spending levels […]
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