Nearly a fifth of the S&P 500 index sank to new 52-week lows Thursday led by some of the biggest names in the tech sector. Read More...
Reuters
Micron warns of tougher times, plans to cut investments by 30%
(Reuters) -Micron Technology, the first major chipmaker to sound an alarm about falling demand for PCs and smartphones earlier this year, on Thursday warned of even tougher times ahead and said it was cutting its investments. “We made significant reductions to capex and now expect fiscal 2023 capex to be around $8 billion, down more than 30% year over year,” Chief Executive Sanjay Mehrotra said on an earnings call. Still, Micron forecast strong revenue growth in the second half of fiscal 2023 as demand starts to recover early next year.
