Semiconductor Manufacturing International Corp (SMIC) on Thursday, August 8, released information on the financial results of its activities in the second quarter of the current year.

The revenue of the mentioned Chinese chip manufacturer for April- June 2024 was fixed at $1.9 billion. This indicator showed an increase of 21.8% compared to the result for the same period last year.

The company’s unaudited profit attributable to the owners for the second quarter of 2024 was fixed at $164.6 million.

The results released by the chip manufacturer indicate that the global semiconductor industry is currently on a recovery trajectory. It is worth noting that this industry has been in the condition of a downturn since 2022. It is also important that the semiconductor manufacturing area has positive prospects, since against the background of the development of artificial intelligence, the demand for chips necessary for training and ensuring the process of subsequent functioning of AI systems is growing.

Data from the Semiconductor Industry Association indicate that global sales of appropriate products in the second quarter of the current year in monetary terms amounted to $149.9 billion. This indicator increased by 18.3% year-on-year.

SMIC specializes in the production of basic chips for less sophisticated electronics. It is worth noting that this company currently has no chance of becoming a full-fledged beneficiary of the so-called artificial intelligence boom. The relevant circumstance is related to the limited capabilities of the firm in the context of the ability to produce advanced chips.

As we have reported earlier, China Creates $47.5 Billion Chip Fund.