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On July 16, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Pakistani Deputy Prime Minister and Foreign Minister Dar in Shanghai. Dar was in China to attend the World Artificial Intelligence Conference. Wang Yi welcomed Dars special trip to China to attend the conference and to sign the agreement on establishing the World Artificial Intelligence Cooperation Organization on behalf of the Pakistani government. He stated that Pakistans accession is in the long-term interests of Pakistan and its people, and injects new contemporary meaning into the all-weather strategic cooperative partnership between China and Pakistan. Artificial intelligence is a new frontier in technological development. As a responsible major country, China, together with like-minded countries, is promoting the establishment of the World Artificial Intelligence Cooperation Organization to build international consensus, advance pragmatic cooperation, strengthen capacity building, and ensure that all countries, especially those in the Global South, benefit equally from the wave of intelligentization, thus preventing an intelligent divide in the world. China is willing to strengthen coordination and cooperation with Pakistan to promote the beneficial and inclusive development of artificial intelligence, contribute to the economic growth of developing countries, and drive global scientific and technological innovation.The US Treasury auction for the four weeks ending July 16th yielded a winning bid of 3.66%, compared to 3.63% previously.Irans Foreign Ministry stated that it will use all its capabilities to defend Irans national sovereignty and territorial integrity, resist military invasion and hybrid warfare by the US and Israeli enemies, and will not tolerate such actions.The Iranian Foreign Ministry stated that the aggressive attacks by the United States against Iran, accompanied by the vulgar rhetoric and malicious threats from US officials, are aimed at nothing more than hostility towards the Iranian people who uphold independence, legitimate rights, and human dignity.The Iranian Foreign Ministry stated that the United States attacked grain storage silos in Hoize, a mineral water production plant in the Musian district of Tehran, and a maritime surveillance tower in Chabahar in recent days, with the aim of interfering with rescue efforts for fishermen and undermining maritime trade security—these and many other similar attacks are war crimes committed by American aggressors in just the past week.

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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