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Date Posted: 13:05:13 12/23/22 Fri
Author: Jasper
Subject: Micron chip lays off even though the feds/media says there is a shortage.

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The company will cut staff by about 10% throughout 2023 through voluntary departures and layoffs, according to a filing with the Securities and Exchange Commission. Employee bonuses will also be suspended next year and executive salaries will be reduced for the remainder of the 2023 fiscal year which runs through August, the company said.

In September, Micron announced it was investing $15 billion through the end of the decade on a new semiconductor plant in Boise expected to create 17,000 American jobs. The following month, the company announced another semiconductor plant would be built in upstate New York, promising a long-term investment of up to $100 billion and a plant that could bring 50,000 jobs to the state. The restructure is not expected to affect those plans.

But in recent months, the company has seen a dramatic drop in demand. Unit volumes for personal computers and smartphones have declined in 2022, Mehrotra noted. The company primarily makes two kinds of chips: NAND, which saves data when power is removed, such as in a portable flash drive, and DRAM, which must be powered on to hold data.

“The industry is experiencing the most severe imbalance between supply and demand in both DRAM and NAND in the last 13 years,” he said. “Micron is exercising supply discipline by making significant cuts to our capital expenditures and wafer starts while maintaining our competitive position.”

https://abcnews.go.com/Technology/wireStory/micron-announces-layoffs-cost-cutting-chip-demand-drops-95725135

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