China's largest chipmaker, SMIC, has become the world's third-largest chip foundry in terms of revenue in the first quarter. SMIC held a 6% market share of global foundry revenue in the first quarter, overtaking GlobalFoundries and UMC of Taiwan. This places SMIC behind TSMC of Taiwan and Samsung Foundry of South Korea. SMIC reported a more than 19% increase in revenue for the first quarter, with over 80% coming from China. SMIC plays a critical role in China's goal of reducing dependence on foreign chip technology but still lags TSMC and Samsung in fabrication technology.
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00:00It's Benzinga, and here's what's on the block.
00:02China's largest chipmaker, SMIC, has become the world's third-largest chip foundry in terms of
00:07revenue in the first quarter. SMIC held a 6% market share of global foundry revenue in the
00:13first quarter, overtaking Global Foundries and UMC of Taiwan. This places SMIC behind
00:19TSMC of Taiwan and Samsung Foundry of South Korea. SMIC reported a more than 19% increase
00:25in revenue for the first quarter, with over 80% coming from China. SMIC plays a critical
00:31role in China's goal of reducing dependence on foreign chip technology, but still lags
00:35TSMC and Samsung in fabrication technology. For all things money, visit Benzinga.com.