The global chip inventory continues to accumulate, and the industry has different views on interpretation

According to Bloomberg, the inventory of finished products of the world's major chip manufacturers is accelerating, which has aroused concern in the industry.



Although several interviewed enterprises told Bloomberg that such inventory growth is to respond to strong downstream demand and avoid supply problems, manufacturers generally have optimistic expectations for downstream demand, believing that semiconductor products are accelerating their penetration outside the traditional consumer electronics field, and the more decentralized demand market is not prone to sudden changes in demand.

However, some analysts told the news agency that the accumulated inventory of manufacturers is often a precursor to the inflection point of the industry cycle. Shortly after the accelerated growth of inventory in 2018, there was a phased recession.

In the capital market, the semiconductor index (SOx) of the Philadelphia Stock Exchange has continued to decline since 2022, and the decline is significantly greater than that of the market in the same period.
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