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September 5th - According to foreign media reports, the Pentagon has secured priority rights to purchase crude oil from 17 oil fields in Venezuela, and under the new agreement, it can purchase 20% of the output at cost price rather than market price. The report states, "The Pentagon has the sole right of first refusal to purchase oil extracted by NABEP. Of this, 20% can be purchased at a price reflecting the companys extraction costs, rather than at market price, while the remainder will be purchased at market price." The report also states that in addition to the cheap oil, the Pentagon has acquired a 35% stake in the joint venture.On September 5th, the China Development Bank (CDB) successfully issued 5 billion yuan of 3-year green financial bonds through the Shanghai Clearing House, with an issuance interest rate of 1.27%. This marks the first time CDB has used online book-building to issue green financial bonds, effectively improving issuance efficiency and transparency. This issuance represents a new attempt by CDB to optimize its bond issuance pricing mechanism and narrow the price gap between the primary and secondary markets, as well as a new exploration of empowering green and low-carbon financing through market-oriented methods. The funds raised from this bond issuance will be primarily used for key areas such as green infrastructure upgrades, energy-saving and carbon-reducing industries, green and low-carbon energy transformation, and ecological protection, restoration, and utilization.September 5th - At 1:32 AM on September 5th, the Jiangxi Provincial Hydrological Monitoring Center upgraded its flood warning to orange. Due to heavy rainfall, it is predicted that within the next 13 hours, the Ganjiang River section in Jian City will experience flooding exceeding the warning level by approximately 2.7 meters; the water level in the Xiajiang County section is still rising, currently exceeding the warning level by 0.23 meters; the flow rate in the Zhangshu City section is still increasing, currently at approximately 13,800 cubic meters per second; and the flow rate in the Nanchang City section is also still increasing, currently at approximately 12,800 cubic meters per second.September 5th - According to Xiaomi Technology, Xiaomi officially released Xiaomi-TabLDM today: a general-purpose large-scale model for tabular data. Xiaomi-TabLDM directly adapts to different tabular datasets with a single pre-trained model and unified default configuration, completing classification and regression predictions without the need for retraining, parameter tuning, or post-ensemble for each task.Musk: The factory system that produces Tesla (TSLA.O) Cybercab is completely different from any other car production line.

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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