It’s cooling off as more fog rolls in

Andrea Lati
Andrea Lati
  • Order activity for semiconductor equipment continued to trend lower, slipping to 86 degrees
  • Subcon/Adv. Packaging led the decline with temperatures tumbling 8 points last week
  • Even though the overall activity remains in an expansion phase, cracks are forming underneath
    • There is bifurcation taking place between WFE and the Back-end
  • The activity in the Back-end is cooling off considerably due to weaker market conditions, especially in the Memory and consumer-centric markets
  • The Back-end is typically the canary in the coal mine and a leading indicator for the equipment and the ICs because it’s closer to the end markets
  • The pullback in the Back-end is not surprising and is in line with our expectations of weakening market conditions
  • TechInsights’ Chip Price Performance Index remained in a free-fall state
    • DRAM tumbled
    • NAND tumbled
    • MPUs declined
  • Inventories are surging

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