Microchip Technology and Infineon Technologies, two leading semiconductor companies, have reported significant changes in their financial forecasts and earnings. Microchip Technology reported a sharp decline in net sales to $1.326 billion, a 24.9% decrease sequentially and a 40.6% drop from the previous year, aligning closely with their earlier guidance of a 25% decrease. This decline was attributed to weak demand for automotive chips, particularly electric vehicle (EV) chips, as customers had built up high inventories. Infineon reported Q2 revenue of EUR3.63 billion and anticipates Q3 revenue of about EUR3.8 billion. Infineon also lowered its revenue forecast for fiscal year 2024 to approximately €15.1 billion, down from the previous estimate of €16 billion, due to prolonged weak demand in the automotive sector.