Semiconductor Manufacturing International Corporation (SMIC) recently reported a robust momentum with a year-on-year revenue growth of about 20% in the first quarter of 2024, but it may be difficult to sustain. Compared to Taiwan Semiconductor Manufacturing Company (TSMC), which recently lowered its global wafer fabrication revenue growth forecast for 2024 to between 14% and 19%, SMIC’s Co-CEO Zhao Haijun also agreed, suggesting that 2024 might witness a “weak recovery” with insufficient growth momentum.