If the estimates are confirmed when the chip major reports its final quarterly results, it would mark its first sequential decline in three years. The company also forecasts only a modest year-over-year sales increase to 76 trillion won. Memory chipmaker Micron Technology Inc. MU recently cut its capital spending by as much as 30% year-over-year after it warned on its earnings call in June that consumer demand is slowing due to geopolitical tensions and rising inflation. The company flagged a decline in smartphone shipments and weakness in the PC market in 2022.