Semiconductor Industry Isn’t Spending Big on Scarce Old-Tech Chips

SEOUL—The semiconductor industry’s bets for tomorrow aren’t addressing the problems of today.

Global chip manufacturers are projected to pour about $146 billion into capital expenditures this year, a roughly one-third rise from the previous year and 50% higher than pre-pandemic 2019, according to Gartner Inc., a tech-market researcher. That investment is more than double the industry spending of five years ago.