-- Samsung Electronics Co. posted its fastest pace of profit growth in years, reflecting a recovery in memory chip demand as AI development accelerates globally.Newsom Shocks California Politics by Scrapping Crime MeasureThe world’s largest maker of memory chips and smartphones reported preliminary operating profit of 10.4 trillion won for the June quarter, versus projections for 8.3 trillion won. Sales came to 74 trillion won.
While Samsung is benefiting from a broader industry recovery, investors remain concerned about its market position in the newer field of AI chips against SK Hynix Inc. Its shares have lagged its smaller rival, now the leading supplier of high-bandwidth memory or HBMs, a vital component of AI hardware. It’s struggled to get its latest HBM chips certified by Nvidia Corp., which has become the world’s most valuable chipmaker thanks to insatiable demand for AI accelerators.
Samsung in May unexpectedly named Jun Young Hyun — a memory chip veteran who is returning to the company after leading Samsung SDI Co. — as the new leader of its most important business line, replacing Kyung Kye-hyun.If the Optimus robot somehow catapults Tesla to Musk’s $30 trillion market cap target, bears like the Microsoft cofounder could be wiped out—but that is a big if.
Nancy Pelosi disclosed stock market trades made by her husband. He loaded up on AI plays like Nvidia and sold Tesla.
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