Скачать или смотреть The Semiconductor Memory Crunch and Market Ripple Effects

Microchip warns memory shortages will hit Q4 profit, triggering ripple effects across semiconductors

Microchip Technology ($MCHP) guided 4Q profit below estimates, citing a memory-supply crunch that’s rippling into personal electronics and supplier order patterns.

What happened
Microchip said it expects adjusted EPS of about $0.40 vs Wall Street around $0.48 for the quarter, while revenue guidance was roughly $1.24B–$1.28B. The stock fell over 5% after-hours.

The key detail: management pointed to memory supply shortages squeezing the broader electronics chain. When memory is tight, device makers can’t finish products, so they pull back on component orders even if demand exists.

Why this matters for traders
This is a “supply-chain choke point” story, not just a single-company miss. Memory availability can become the gating item for shipping phones, PCs, and consumer gadgets. That can create:
Inventory whiplash for chip suppliers (orders pushed out, then snap back)
Pricing power for the constrained component group (memory)
A capex impulse (more investment to expand supply) if the tightness persists

Winners
Memory suppliers (pricing and tight supply can support margins)
If supply is constrained, the companies that actually make memory can see firmer pricing and better mix, even while downstream OEMs struggle.
Names: $MU (Micron), $WDC (Western Digital)

Semiconductor equipment tied to memory capacity buildouts
Shortages often trigger higher capex to add/upgrade memory production, which can lift demand for deposition/etch/metrology tools.
Names: $AMAT (Applied Materials), $LRCX (Lam Research), $KLAC (KLA)

Electronics component distributors (tight supply can shift bargaining power)
When parts are scarce, distributors can benefit from allocation advantages, value-added sourcing, and sometimes better spreads on hard-to-find components.
Names: $AVT (Avnet), $ARW (Arrow Electronics)

Losers
Embedded/industrial chip suppliers exposed to consumer electronics slowdowns
If device makers cut orders because they can’t ship finished goods without memory, component suppliers can see near-term demand air pockets and cautious guidance.
Names: $MCHP (Microchip Technology), $TXN (Texas Instruments), $ADI (Analog Devices)

PC and device OEMs (shipment risk when memory is the bottleneck)
Even with end demand, lack of memory can delay builds, create missed quarters, and force promotional activity to manage channel inventory.
Names: $DELL (Dell Technologies), $HPQ (HP), $AAPL (Apple)

EMS/manufacturing services leveraged to consumer device volumes
If OEM build plans get cut or pushed out, electronics manufacturers can see utilization pressure and weaker near-term revenue visibility.
Names: $JBL (Jabil), $SANM (Sanmina)

How to frame the trade
Watch memory pricing / commentary: does the “shortage” language intensify or fade?
Track OEM shipment commentary (PC/phone checks) for “build plan” resets
Look for read-through from other analog/MCU names on order timing and backlog quality

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