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On April 21st, the UK Office for National Statistics reported that wage growth (excluding bonuses) slowed to 3.6% annually in the three months to February, a slightly smaller decline than expected, while economists had generally predicted a drop to 3.5%. Prior to the outbreak of the Iran-Iraq conflict at the end of February, the Bank of England had expressed growing concern about slowing hiring. However, new inflationary pressures have emerged due to soaring energy prices caused by the Middle East war, leading economists to postpone their predictions of a possible return to interest rate cuts by the Bank of England. Bank officials stated that the weak economic backdrop could make it more difficult for workers to demand higher pay rises in response to anticipated inflation.On April 21, the General Office of the Shanghai Municipal Peoples Government issued the "Implementation Plan for the National Digital Economy Innovation and Development Pilot Zone (Shanghai)". The plan proposes to conduct research on intelligent technologies, accelerating breakthroughs in next-generation general artificial intelligence, intelligent software, and intelligent computing systems. It also calls for a systematic approach to scientific intelligence, implementing the "100 Teams, 100 Projects" initiative to incubate innovative enterprises. Furthermore, it emphasizes promoting breakthroughs in collaborative reasoning technologies between general scientific models and disciplinary models, and strengthening research on technologies such as structured representation of scientific data, scientific data governance toolchains, and intelligent agents for scientific experiments.On April 21, the General Office of the Shanghai Municipal Peoples Government issued the "Implementation Plan for the National Digital Economy Innovation and Development Pilot Zone (Shanghai)". The plan proposes the high-level construction of the Lingang International Data Economy Industrial Park. It supports the Lingang New Area in accelerating its development into an international data processing hub and fostering new international data trade formats such as "data processing upon arrival". The plan also includes launching the construction of an international data comprehensive service and supervision platform, optimizing the layout of cross-border data infrastructure, and improving the convenience of cross-border data transfer for enterprises within the region.On April 21, the General Office of the Shanghai Municipal Peoples Government issued a notice on the "Implementation Plan for the National Digital Economy Innovation and Development Pilot Zone (Shanghai)," which mentions accelerating the intelligent transformation and digital upgrading of key industries. It calls for implementing special actions for "AI + Manufacturing" and "5G + Industrial Internet," supporting the research and development of large-scale industry-specific models. The plan also aims to cultivate and develop new service industry models driven by data elements and artificial intelligence, supporting service industries such as strategic consulting, industry analysis, index publishing, and asset appraisal to strengthen the application of data elements and digital technologies, transforming static data resources into dynamic value services.A report from the Bank of Japans financial system indicates that companies commodity procurement costs may rise, and the impact on supply chains may become apparent.

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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