November 10, 2023 /SemiMedia/ -- According to reports, wafer foundry GlobalFoundries forecast fourth-quarter profits higher than analysts expected, showing that the semiconductor industry's oversupply is easing.

The forecast reflects positive signs that the industry's slump may have bottomed out as electronics manufacturers rebuild inventories after several quarters of clearing excess inventory caused by a sudden drop in demand after the pandemic.

In addition, both Intel and AMD said that the personal computer (PC) market, which is the main source of revenue for semiconductor manufacturers, is recovering.

"While the global economic and geopolitical landscape remains uncertain, we are working closely with our customers to support their efforts to reduce inventories," said Thomas Caulfield, CEO of GlobalFoundries.