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On December 29th, Liu Jie, Deputy Secretary of the Zhejiang Provincial Party Committee and Governor of Zhejiang Province, chaired a meeting in Hangzhou to specifically study the innovative development of artificial intelligence. He pointed out the need to strengthen the overall coordination of computing resources, further optimize the allocation of computing power, and effectively improve utilization efficiency and reduce costs. He emphasized the importance of strengthening model development and application, encouraging leading enterprises to accelerate technological iteration, and supporting SMEs in using open-source models. He also stressed the need to enhance the high-quality development of pilot-scale testing bases, strive for policy support from higher levels, focus on the development of key, emerging, and future industries in Zhejiang Province, plan and build more industry-specific pilot-scale testing platforms, and vigorously promote the application of artificial intelligence across various sectors. Finally, he emphasized the need to strengthen the development of core industries, promote the coordinated development of the entire industrial chain including chips, intelligent agents, application services, and intelligent terminals, and continuously enhance the overall competitiveness of artificial intelligence.The main Shanghai gold futures contract fell 2.00% during the day, currently trading at 995.76 yuan/gram.The main Shanghai silver futures contract continued to decline throughout the day, with the drop widening to 6.00%, currently trading at 17,737.00 yuan/kg.Russian Defense Minister Belousov: The combat operations of the Russian Armed Forces are proceeding ahead of schedule, and have reached their maximum operational pace in December.Russian Defense Minister Belousov: Everything is proceeding according to plan.

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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