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On February 19th, Nick Timiraos, often referred to as the "Federal Reserve mouthpiece," wrote an article on the Fed meeting minutes, stating that sometimes what the Fed doesnt mention is more interesting. In every meeting last year (up to December), staff projected that inflation would return to 2% by 2027. In December, this projection was pushed back to 2028. However, the January meeting minutes did not specify a concrete timeframe for when inflation would reach 2%. Instead, the minutes indicated that the projected figure was "slightly higher, but balanced" compared to the December projection, and that inflation was expected to return to its "previous downward trend" as the impact of tariffs was expected to end by mid-year. However, the key phrase from the December minutes ("and to reach 2% by 2028") was absent from the January minutes.February 19th - Today (February 19th) is the third day of the Lunar New Year, the fifth day of the Spring Festival holiday. The national railway system is expected to transport 13.4 million passengers today, with 747 additional passenger trains planned. Regarding ticket sales, tickets for March 5th (the seventeenth day of the first lunar month) went on sale today.The yield on Japans 20-year government bonds rose 1 basis point to 2.98%.1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 0.26% to 49,662.66 points, the S&P 500 rose 0.56% to 6,881.31 points, and the Nasdaq Composite rose 0.78% to 22,753.63 points. Goldman Sachs and Salesforce rose nearly 2%, leading the Dow Jones. The Wind U.S. Tech Big Seven Index rose 0.77%, Amazon rose nearly 2%, and Nvidia rose more than 1%. The Nasdaq China Golden Dragon Index fell 0.04%, Canadian Solar rose nearly 4%, and 21Vianet fell more than 9%. 2. All three major European stock indexes closed higher. The German DAX rose 1.12% to 25,278.21 points, the French CAC40 rose 0.81% to 8,429.03 points, and the UK FTSE 100 rose 1.23% to 10,686.18 points. 3. The WTI crude oil futures contract closed up 4.3% at $64.94 per barrel; the Brent crude oil futures contract rose 4.15% to $70.22 per barrel. 4. International precious metals futures generally closed higher, with COMEX gold futures rising 1.84% to $4996.10 per ounce and COMEX silver futures rising 4.88% to $77.13 per ounce.In January, the RMB accounted for 3.13% of global payments via SWIFT, up from 2.73% in the previous month.

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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