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On July 30th, Samsung Electronics semiconductor division reported a more than 250-fold increase in profits, driven by the lucrative reliance on memory in the field of artificial intelligence. The divisions second-quarter operating profit reached 89.2 trillion won (approximately $62 billion), exceeding analysts average expectation of 79.3 trillion won. The groups overall net profit was 71.3 trillion won, also surpassing market expectations. The profitability of the worlds largest memory chip manufacturer is under close scrutiny, as investors seek evidence to justify the massive investments and valuations driven by the AI boom. Global semiconductor stocks have soared to record highs this year, but also face increasingly fierce competition and concerns about overcapacity. Investors are increasingly questioning the commercial viability of the massive investments pouring into the industry.Samsung Electronics: Dividend of 374 won per share.Polish Armed Forces: Poland has scrambled fighter jets for protection in response to Russian airstrikes on Ukraine.U.S. Central Command: U.S. forces launched strikes against Iran at 8 p.m. Eastern Time (8 a.m. Beijing Time) today. These strikes are a strong response to yesterdays Iranian attempt to attack U.S. forces in the Middle East.July 30th - According to institutional analysis, the equal-weighted Nasdaq 100 index has lagged behind the equal-weighted S&P 500 index by 6.8 percentage points so far in July, potentially marking its worst monthly relative performance on record. Previously, equal-weighted technology stocks had outperformed the broader market for four consecutive months. Never in the past 20 years has the average performance of technology stocks lagged behind the S&P 500 by more than 5 percentage points. Meanwhile, the equal-weighted S&P 500 index has risen 2.2% so far this month, near historical highs, while the equal-weighted Nasdaq 100 index has fallen 4.6%, near its lowest level since mid-May. Investors are taking profits on technology stocks at a record pace.

OPEC+ Is Working to Compensate For Reduced Russian Oil Production

Charlie Brooks

Jun 02, 2022 15:57

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OPEC+ is attempting to compensate for a decline in Russian oil production, according to two OPEC+ sources on Thursday, as Russia's production has fallen by approximately 1 million barrels per day as a result of Western sanctions imposed on Moscow over the Ukraine crisis.


One OPEC+ source familiar with Russia's position stated that Moscow could agree to other producers paying for its lower output, but it may not occur on Thursday and may not be in full.


A Gulf OPEC+ source said that a resolution on the topic was "very probable" at Thursday's meeting.


Despite tighter global markets, it is largely anticipated that the group would adhere to its scheduled monthly small output increases when it meets online later on Thursday.


However, Western sanctions imposed on Russia over Ukraine may result in production and export cuts of up to 2 to 3 million barrels per day from the world's second largest oil exporter.


In April, Russia's supply of approximately 9.4 million barrels per day (bpd) was already below its OPEC+ target of 10.44 million bpd.


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