FILE PHOTO: Micron Technology's solid-state drive for data center customers is presented at a product launch event in San Francisco, U.S., October 24, 2019. REUTERS/Stephen Nellis/File Photo
(Reuters) - Micron Technology cut its current-quarter revenue forecast on Tuesday and warned of a negative free cash flow in the coming three months as customer inventories pile up amid waning demand for chips used in PCs and smartphones.
The dismal forecast comes a day after Nvidia warned of weakness in its gaming business, accentuating fears of the first chip industry downturn since 2019.
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