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Micron Tech Gets Caught In US-China Tensions, Lands South Korea In Sticky Situation

  • The White House urged South Korea not to fill any market gap in China if Beijing bans Micron Technology, Inc (NASDAQ: MUfrom selling chips.

  • The U.S. has asked Seoul to encourage Samsung Electronics Co Ltd (OTC: SSNLF) and SK Hynix to hold back from boosting sales to China if it bans Micron from selling under an ongoing investigation, the Financial Times reports.

  • The U.S. requested as President Yoon Suk Yeol prepared to travel to Washington for a state visit on Monday.

  • Also Read: Micron's Sturdy Moat: Analysts Foresee Negligible Impact from China Actions Thanks to US Chipmaker Ties

  • In April, China launched a national security review into Micron, one of the three dominant players in the global Dram memory chip market, alongside Samsung and SK Hynix.

  • Mainland China and Hong Kong generated 25% of Micron's $30.8 billion in 2022 revenue.

  • Memory chip manufacturers are already under pressure due to an industry glut that, in the first quarter of 2023, triggered a 25% decline in the price of Dram chips, which serve everything from TVs to phones.

  • In December, the U.S. put Chinese memory chip producer Yangtze Memory Technologies Co on its "entity list," barring companies from exporting American technology to the nascent Micron rival without a hard-to-obtain license.

  • Price Action: MU shares traded lower by 2.26% at $59.75 premarket on the last check Monday.

  • Photo by Body Stock and Dragon Claws via Shutterstock

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This article Micron Tech Gets Caught In US-China Tensions, Lands South Korea In Sticky Situation originally appeared on Benzinga.com

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