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On Wednesday, July 29, the Shanghai Gold Exchanges gold T+D contract closed down 0.08% at 881.8 yuan/gram; the Shanghai Gold Exchanges silver T+D contract closed up 1.5% at 14219.0 yuan/kilogram.According to Fox News: The U.S. Senate held a hearing today to discuss the impact of artificial intelligence on the workplace.July 29th Futures News: On July 29th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 340,665 tons, an increase of 2,019 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 2,758 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,600 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 16,960 tons. 6. Petroleum asphalt futures warehouse receipts: 11,290 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 18,210 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.July 29th - For a long time, the core technologies for high-end motorcycle engines worldwide were monopolized by a few foreign companies. Recently, Chinese automakers have successfully broken this barrier. A high-speed motorcycle test was recently held at the China Communications Construction Company (CCCC) Comprehensive Test Track in Shangrao, Jiangxi Province. After multiple rounds of extreme sprints, a domestically produced motorcycle achieved a test speed of 315.82 kilometers per hour, successfully breaking the speed record for domestically produced motorcycles and shattering the monopoly of Japanese, German, and Italian brands in the high-performance motorcycle engine market. This breakthrough in core motorcycle engine technology is rapidly translating into orders in the global market. In the first half of this year, exports from domestic motorcycle manufacturers increased by 23.99% year-on-year, with overseas markets becoming a significant driver of industry growth. A production manager at one company stated that from January to June this year, the company exported over 20,000 motorcycles, with products reaching Southeast Asia, Europe, and the United States, generating over 200 million yuan in output value, a year-on-year increase of 100%.Deutsche Banks European shares fell 5.9% after the bank released its earnings report.

Samsung Elec announces a higher Q2 profit owing to solid server-chip demand

Charlie Brooks

Jul 07, 2022 11:18


Samsung Electronics (OTC:SSNLF) Co Ltd announced its greatest April-through-June profit since 2018 with an 11 percent year-over-year gain, as demand for its memory chips from server customers more than offset decreased sales to smartphone manufacturers due to inflation.


The world's leading memory chip and smartphone manufacturer stated Thursday that its second-quarter operating profit grew to 14 trillion won ($10.73 billion) from 12.57 trillion won a year earlier.


It was quite close to Refinitiv's SmartEstimate of 14,45 trillion won.


In agreement with market estimates, Samsung (KS:005930) announced in a short earnings report that sales likely climbed by 21 percent year-over-year to 77 trillion won.


This month, Samsung will provide detailed financial results.


Large U.S. IT companies that rely heavily on data center services continued to acquire chips to meet cloud demand, insulating Samsung's chip revenue from a potential client oversupply after two years of high demand.


According to the data source TrendForce, the price of some DRAM chips, which are utilized in electronic devices and servers, decreased by around 12 percent last month compared to the same time period one year prior. As demand for smartphones and laptops decreases, analysts believe that prices will continue to fall.


"Server DRAM is currently the only feasible sales channel... As a result, Korean manufacturers were the first to signal a willingness to contemplate a quarterly price cut of more than 5 percent (for server goods) "DRAMS," according to TrendForce.


According to TrendForce, the costs of NAND Flash chips, which are used in electronic devices for data storage, are projected to decline by as much as 5 percent between July and September compared to the previous quarter.


Following two profitable pandemic years in which customers purchased devices for remote work, chipmakers throughout the globe are observing a fall in demand.


According to analysts, rising prices, worries of a dramatic market collapse, the Ukraine war, and China's COVID-19 lockdowns have hampered smartphone sales, leaving server chip demand as the only bright light.


During morning trade, the price of Samsung's stock jumped by 0.9%.


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