Chipmakers have been reporting sluggish demand, with rival Texas Instruments saying earlier this week that some clients were cancelling orders, while Taiwan's TSMC said last week that even booming AI chips had not offset broader market weakness. "You know that smartphones this year overall will decrease," STM's Chief Executive Jean-Marc Chery said in a call with analysts. The company expects third-quarter net revenue of $4.38 billion, up 1.2% from a year earlier, which JPMorgan analysts said was slightly above consensus estimates.