Commerce minister would love if US chipmaker took root in Chinese market
Speaking with Micron CEO Sanjay Mehrotra this week, Minister of Commerce Wang Wentao said China was willing to work with US and other foreign companies to promote investment in the country.
"We welcome Micron Technology to continue to take root in the Chinese market and achieve better development while complying with Chinese laws and regulations," Wentao said in a machine-translatedThe restriction barred the purchase of Micron products for use in critical information infrastructure deployed in China.
This came as Micron was already struggling amid an ongoing inventory correction which has depressed the broader memory market for months. In fiscal year 2023, the company reported a net loss of $5.8 billion on revenues of $15.54 billion. Despite this, Micron execs have remained optimistic the situation will eventually blow over and shortly after the trade restrictions went into effect, MicronThe CAC's investigation and decision to ban the use of Micron products by some Chinese companies was seen by many as retaliation for US sanctions on chipmaking equipment and AI accelerators leveled by the Biden administration against the Middle Kingdom.
As we reported earlier this week, US sanctions have caused YMTC no shortage of trouble. Having blown through $7 billion in capital raised earlier this year to keep the company afloat, the chipmaker is now looking for fresh funds.
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