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Semiconductor Industry Shakeup, 2023 Reveals Mixed Fortunes For Top Players

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The collective revenue of the top 25 vendors plunged by 14.1%, reshaping the industry landscape. 

In 2023, only 9 out of the top 25 semiconductor vendors experienced revenue growth, while a significant 10 faced double-digit declines, according to Alan Priestley, Vice President at Gartner. The collective revenue of the top 25 vendors saw a substantial decline of 14.1% during the year, constituting 74.4% of the market, down from 77.2% in the previous year. Intel successfully reclaimed its position as the leading semiconductor vendor in 2023, surpassing Samsung, which had held the top spot for the previous two years. Intel’s revenue for the year amounted to $48.7 billion, while Samsung generated $39.9 billion. Notably, Nvidia witnessed remarkable growth in semiconductor revenue, marking a 56.4% increase to reach $24 billion and securing a place in the top five for the first time.

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ST moved up three positions to secure the No. 8 spot, consistent with its 2019 ranking. The company experienced a 7.7% increase in revenue in 2023, primarily driven by a strong presence in the automotive segment. However, the overall semiconductor market faced challenges, with memory product revenue plunging by 37% in 2023, representing the most significant decline across all segments. DRAM revenue specifically declined by 38.5% to $48.4 billion, while NAND flash revenue dropped by 37.5% to $36.2 billion. Joe Unsworth, VP Analyst at Gartner, attributed this decline to weaker-than-expected demand and excess channel inventory in smartphones, PCs, and servers, especially in the first half of the year.

On the positive side, non-memory revenue demonstrated more resilience, experiencing a milder 3% decline in 2023. Throughout the year, the semiconductor market grappled with weaker demand and excess channel inventory, particularly impacting the non-memory segment. These challenges underscore the dynamic nature of the semiconductor industry, with shifting market forces influencing the performance of key players.

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