Samsung sees chip downturn extending into 2023, co-CEO says
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The co-CEO of Samsung Electronics (OTCPK:SSNLF) and head of its semiconductors unit said on Wednesday that the South Korean tech giant sees the downturn in chip sales lasting through next year, as consumers and businesses slow down purchases of electronics.
"The second half of this year looks bad, and as of now, next year doesnât really seem to show a clear momentum for much improvement," Kyung Kye-hyun said at a media briefing, according to comments obtained by The Wall Street Journal.
Samsung (OTCPK:SSNLF) is one of the world's largest producers of memory chips, competing with SK Hynix and Micron Technology (MU). It also produces chips for other companies, including Qualcomm (QCOM), Tesla (TSLA) and IBM (IBM), among others.
On Tuesday, it was reported that SK Hynix was postponing the $3.3B expansion of its memory plant in South Korea, amid the downturn in the sector. 
Mr. Kyung also spoke of the ongoing U.S.-China dispute over semiconductors, as Samsung (OTCPK:SSNLF) operates production plants in South Korea, two in Texas as well as in China.
âRather than taking sides in the U.S.-China conflict, we are working to find a win-win solution for all sides and think itâs the right direction to be going in,â he added.
The comments about the downturn come just days after Samsung (OTCPK:SSNLF) said that it had started building a new semiconductor research and development complex. 
Samsung (OTCPK:SSNLF) intends to invest up to $15B by 2028 in the new facility, designed "to extend its leadership in state-of-the-art semiconductor technology."
The addition will focus on next-generation devices, as well as processes for memory and system semiconductors, Samsung (OTCPK:SSNLF) added.
During the media briefing, Kyung added that Samsung's (OTCPK:SSNLF) foundry business had faltered, noting that it âdid not have that good of a reputation in Silicon Valley," The Journal reported.
Kyung explained that the company "fell short" when it came to long-term strategic partnerships, in reference to having a lack of supply for customers during the semiconductor shortage that impacted the global economy for parts of 2020 and much of last year.
The Samsung (OTCPK:SSNLF) executive also said that the company would invest in overseas locations depending upon market conditions, but did not announce any concrete plans.
Last month, Samsung (OTCPK:SSNLF) showed off several new products at its Galaxy Unpacked event, including two new foldable smartphones, smartwatches and headphones.