Asia Tech Wire (May 24) -- China's Semiconductor Manufacturing International Corp (0981.HK, SMIC) has become the world's third-largest chip foundry in the first quarter of 2024, according to Counterpoint.

SMIC has secured third place in foundry revenue market share for the first time in the quarter as demand for applications such as CIS, PMIC, IoT and DDIC begins to recover in China, Counterpoint said in a report.

SMIC captured 6% of the global chip foundry market in the first quarter of this year, up from 5% a year earlier, overtaking GlobalFoundries and Taiwan-based United Microelectronics Corp. (UMC), the data showed.

In the quarter, TSMC and Samsung, with market shares of 62% and 13% respectively, have been occupying the first and second positions in the foundry industry.