Micron cuts memory production by 20%
Micron Technology Inc. (Boise, Idaho) has said that it is reducing DRAM and NAND wafer starts by about 20 percent compared with fiscal 4Q22 in response to market conditions.
The reductions are being applied across all technology nodes where the company has “meaningful output.” The company is also looking to make additional capex cuts.
The company said that it now expects calendar 2023 to show negative DRAM bit supply growth versus 2022 and for NAND bit growth to be single-digit percentage and down on previous estimates.
“Micron is taking bold and aggressive steps to reduce bit supply growth to limit the size of our inventory. We will continue to monitor industry conditions and make further adjustments as needed,” said Sanjay Mehrotra, CEO of Micron, in a statement. “Despite the near-term cyclical challenges, we remain confident in the secular demand drivers for our markets, and in the long term, expect memory and storage revenue growth to outpace that of the rest of the semiconductor industry.”
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