Inventories are turning red, casting a pall over the industry
- Order activity for semiconductor equipment extended its decline, slipping one point to 81 degrees in the second week of September
- Memory led the decline as order activity slipped to 69 degrees, which is in contraction territory
- The other largest segments, SOC Mobile and SOC Compute, held their ground at a warm 89 degrees keeping the overall order activity in positive territory
- The August data from the Taiwanese manufacturers were in line with our expectations
- It continued to show a bifurcating market environment—much like the order activity
- TSMC had a monster August with sales soaring to an all-time high
- While these record numbers are great for TSMC, they’re likely to fuel more excess inventories in the supply chain
- Subcons had a strong August with sales jumping 25% from a year ago, the same rate as the previous month
- On the Memory front, Nanya had an ugly month
- On the Fabless side, MediaTek sales continued to slow, increasing only 4% on yearly basis
- TechInsights’ Chip Price Performance Index pulled out of the dive
- DRAM fell
- NAND slipped
- MPUs declined
- Inventories continue to build up
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