Brutal earnings from Intel signal changing of guard in chips

From Intel Corp. to SK Hynix Inc., some of the world’s largest semiconductor makers stunned investors with brutal losses heading into 2023. But two Asian companies — Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. — navigated the turmoil with greater agility, underlining a changing of the guard.

“Astonishingly bad,” Bernstein analyst Stacy Rasgon said of the performance at Intel, a company that once set the pace for the entire chip industry. South Korea’s Hynix posted the largest loss in its history and vowed to slash output, capital expenditure and other costs in a bid to recover.