Hon Hai Precision Industry Co (鴻海精密), also known as Foxconn Technology Group (富士康科技集團), yesterday said that it has withdrawn from a US$19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta Ltd, in a setback to Indian Prime Minister Narendra Modi’s chipmaking plans for India.

Plans to secure the EU’s supply of chips by boosting production and innovation, and establishing emergency measures against shortages, were adopted by Parliament on Tuesday.

The new law, already agreed upon between Parliament and Council, aims to create a favourable environment for chip investments in Europe, by fast tracking permitting procedures and recognising their critical importance via a so-called "highest national significance statute". Small and medium-sized businesses will also benefit from increased support, especially in the area of chip design, in order to boost innovation.

Global sales of total semiconductor manufacturing equipment by original equipment manufacturers next year are forecast to bounce back from a projected contraction of 18.6% to $87.4 billion in 2023 following the industry record of $107.4 billion in 2022, SEMI announced today in its Mid-Year Total Semiconductor Equipment Forecast – OEM Perspective at SEMICON West 2023. The expected 2024 recovery – to $100 billion – will be driven by both the front-end and back-end segments.