SMIC Q3 revenue hits record $3.19B, average wafer price up 1.8% QoQ

The mix shift toward AI-support chips — BCD, specialty memory and controllers — is doing more work here than headline demand, since average wafer price only edged up as negotiated increases phased in. That suggests pricing power is selective rather than broad-based, concentrated where customers are pulling for AI-adjacent capacity. The open question is whether that pull is durable enough to keep the mix improving, or whether it reflects a short burst of customer stocking that leaves the specialty lines exposed once it fades.