Samsung to cut chip production amid tech slump, posts worst profit in a decade.
Samsung Electronics will make a "meaningful" cut to chip production due to a sharp global downturn in semiconductor demand that has sent prices plummeting. The move by the industry leader is expected to support chip prices that had fallen by about 70% over the last nine months. Samsung's shares jumped 4.5% in early trading, while rival SK Hynix's shares surged 5.6%. Although cutting short-term production, Samsung said it was still making long-term investments in infrastructure and research to secure needed clean rooms for chip production and expand its technological lead.