China's largest chipmaker SMIC is now the No. 3 foundry in the world, Counterpoint says

SMIC, China’s largest chipmaker, has become the world’s third-largest foundry in terms of revenue in the first quarter, surpassing GlobalFoundries and Taiwan’s United Microelectronics Corporation. SMIC now holds a market share of 6%, up from 5% last year. It is ranked behind Taiwan Semiconductor Manufacturing Company (TSMC) and Samsung Foundry. SMIC’s performance exceeded market expectations, securing the No.3 position in foundry revenue market share for the first time. The company reported Q1 revenue of $1.75 billion, a 19.7% increase from a year ago, driven by demand recovery in China. In Q2, SMIC expects an additional revenue increase of 5% to 7%. SMIC plays a vital role in Beijing’s efforts to reduce dependence on foreign technology. However, it still trails behind TSMC and Samsung Electronics.