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Samsung apologizes for making just $6.8 billion last quarter
Only AI hype could consider this a ‘crisis’
“We have caused concerns about our fundamental technological competitiveness and the future of the company due to our performance falling short of the market’s expectations,” reads the statement attributed to Samsung Vice Chairman Jun Young-hyun. The so-called “crisis” caused the company to instigate a six-day workweek for executives earlier this year after a terrible 2023 created by an increase in competition and an overall reduction in chip demand. But the AI hype cycle was meant to reverse the company’s fortunes as demonstrated by a 15x increase in profits last quarter, with future growth driven by sales of its high-bandwidth memory chips to Nvidia.
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