Silicon wafer company GlobalWafers has revised its revenue growth projection for 2024 to a decline in the high single digits. The revision was downgraded for the second time this year.

Severe rainfall in Switzerland in late June triggered floods that halted production at Novelis and Constellium, two key automotive aluminum alloy parts manufacturers. The disruption directly impacted numerous European automakers, as their production was affected by the subsequent shortage of aluminum components.

Despite a strong overall performance in the second quarter of 2024, Samsung Electronics continues to grapple with losses in its wafer foundry business. Most analyses indicate that the gap between Samsung and TSMC is widening. Moreover, Samsung’s difficulties in securing big tech customers could lead to further declines in market share if the company fails to improve its foundry process yield rates and technology in time.