Chinese memory chip industry leader YMTC is reportedly cutting 10 percent of its workforce following US sanctions

Chinese Yangtze Memory Technologies Corp (YMTC) is said to be laying off 10 percent of its workforce, which is around several hundred employees, as a result of being blacklisted by the US Department of Commerce’s entity trade list.

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Yangtze Memory Technologies Corp (YMTC), a leading Chinese memory chip maker, is reportedly laying off 10% of its workforce. This move comes in response to the company’s recent addition to the US Department of Commerce’s entity list, which prohibits the purchase of US goods and services without prior authorization from Washington. YMTC, along with 35 other Chinese companies, has been blacklisted by the US government due to growing tensions between the US and China in the technology sector. As a result, the company is finding it increasingly difficult to obtain the technical assistance and equipment required for semiconductor manufacturing from the US and other vendors.

Regarding the effects of the US sanctions, YMTC has not made any public remarks. Though having been denied access to cutting-edge semiconductor manufacturing technologies, industry analysts claim it will be exceedingly difficult for the chip firm to continue developing its most recent 3D NAND flash technology, known as Xtacking 3.0.