What just happened? Another memory chip giant is suffering the effects of "unprecedented deterioration" in consumer demand and US sanctions against China. SK Hynix said it would slash investment after third-quarter profits fell 60%, warning that the Biden Administration's restrictions could force it to close or sell a major plant in China.
TL;DR: Sanctions against Russia mean the country now looks to the Chinese gray market for its semiconductor imports, but there's a problem: 40% of them are defective. That marks a 1,900% increase in their failure rate over the last few months.
Russia's largest social network has 75 million monthly users
Why it matters: Apple has removed Russia's Facebook competitor, VKontakte, from the App Store globally, a move prompted by new UK sanctions. It's one of several apps from VK, Russia's second-largest internet company, to have been dropped from the store, and the country is demanding an explanation.