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Micron Foretells a Rough Chip Patch Ahead

It’s going to be a tough summer for semiconductor companies.

This was hinted at by Intel new chief financial officer, who told an investor conference in early June that “circumstances at this point are much worse than what we had anticipated coming into the quarter.” And now memory-chip maker Micron closed the month with a similar sentiment, telling analysts Thursday that it saw a “significant reduction” in demand near the close of the quarter that ended June 2.