Asia Tech Wire (Jan 30) -- Intel Corp. has replaced South Korea's Samsung Electronics as the world's largest semiconductor company in 2023, according to technology market research firm Counterpoint.

Revenue from Samsung Electronics' chip division plummeted from $70.2 billion in 2022 to $43.4 billion in 2023, a sharp 38% year-on-year decline due to the memory sector downtrend and Samsung's failure to attract customers for its advanced chip manufacturing processes, according to the latest data from Counterpoint.

Samsung rival Intel reported a 15% drop in revenue from $59.8 billion in 2022 to $50.5 billion in 2023.

In contrast, while Intel's revenues also declined, the drop was not as severe as Samsung's, so the U.S. chipmaker managed to overtake Samsung to take the top spot in the global chip market in 2023.

Nvidia is virtually alone in the global chip industry in terms of revenue growth, thanks to a boom in artificial intelligence and a surge in demand for powerful GPUs for cloud servers.

In 2023, Nvidia saw its revenue jump 86% to $30.3 billion, from $16.3 billion in 2022, with its ranking climbing from 10th in 2022 to third.

The top 10 also includes Qualcomm ($32 billion), Broadcom ($30 billion), SK Hynix ($23.6 billion), AMD ($22.6 billion), Texas Instruments ($17.5 billion), Infineon ($17.5 billion) and STMicroelectronics ($17.3 billion).