Meanwhile, display driver IC makers have significantly scaled back foundry production, but inventories remain high.

Display panel makers have started to cut production due to slowing market demand, and display driver IC makers have cut wafer production in the fourth quarter of 2022 and in 2023, but inventories remain at fairly high levels, the sources pointed out. Therefore, they plan to reduce inventory through price reduction strategy.

"Demand for organic light-emitting diode display driver ICs has been disappointing due to poor sales of Android smartphones, and suppliers are seeing customers delay order processing rather than cancel them," the source said.

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