Toshiba to cut memory chip production by 30%

TOKYO: Japan's leading chipmaker Toshiba Corp said on Tuesday it will cut production of NAND flash memory chips by 30 percent, underscoring the challenging supply conditions in the chip market and knocking its shares.

"I'm a little surprised that they're cutting that much. Everyone knows that demand has not been as strong as expected," said David Motozo Rubenstein, senior technology analyst at Religare Global Asset Management in Tokyo.