US ban on China chip exports rebounds, causes 2,700 American job losses
The Biden administration's policy of restricting Chinese chip makers from accessing vital manufacturing equipment has caused damage at home, with California-based wafer fabrication equipment supplier Lam Research announcing it would layoff 1,300 employees, or about seven percent of its global workforce, as the company prepares for billions in lost revenues during the 2023 fiscal year.
Lam Research is one of just a handful of companies that sells equipment used in the production of semiconductors, particularly those used to manufacture NAND flash and DRAM memory. Lam CEO Tim Archer announced the layoffs during the company's second-quarter 2023 earnings call Wednesday citing slowing wafer demand and the most recent bout of"As a result of macro-economic headwinds, recent trade restrictions limiting our ability to do business in China, and an anticipated decline in global wafer fabrication equipment spending in calendar year 2023, we are taking a range of actions across our business to manage costs," a company spokesperson toldApproximately...
A rapidly deteriorating NAND and DRAM memory market isn't helping — the manufacturing equipment for such silicon accounts for roughly 50 percent of Lam's annual revenues. In addition to laying off 1,300 full time workers, the company also plans to let go of 1,400 temporary workers over the next two quarters.
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