AI时代落后的三星：李在镕欲借并购突围，争夺技术优势

Core Viewpoint - Samsung Electronics is looking to regain its technological edge through mergers and acquisitions (M&A) after nearly a decade without significant deals, particularly in the high bandwidth memory (HBM) sector where it has fallen behind competitors like SK Hynix and Micron Technology [1][2]. Group 1: M&A Strategy - Samsung's chairman, Lee Jae-yong, has established the company's first formal M&A team to enhance competitiveness in the global AI race [1]. - The company is under pressure from shareholders to utilize its cash reserves of 108.5 trillion won (approximately $74 billion) to accelerate development in AI, chip design, and software [2]. - Analysts suggest that effective M&A is crucial for Samsung to navigate the semiconductor supercycle and restore its technological advantage [2]. Group 2: Historical Context - The acquisition of Harman International in 2016 was Samsung's last major deal, valued at $8 billion, which has since proven profitable [3]. - Since then, Samsung has completed six smaller acquisitions, including FlktGroup for €1.5 billion, but these have not met investor expectations for transformative deals [3][4]. Group 3: Leadership and Legal Issues - Lee Jae-yong has recently been cleared of legal issues, allowing him to focus on revitalizing the company's business and engaging with global tech leaders [5]. - Investors expect a more proactive management approach from Lee in the AI-centric business environment following the resolution of his legal challenges [5]. Group 4: Market Challenges - Despite the formation of the M&A team, there are concerns about Samsung's ability to integrate acquired companies effectively [6]. - The company has recently regained market sentiment with a significant increase in stock price, driven by strong demand for AI-related memory chips [6]. Group 5: Current Market Conditions - Analysts express skepticism about the timing of large-scale acquisitions due to high valuations, geopolitical risks, and the need for increased production capacity to meet rising memory chip demand [7][8]. - Samsung's recent agreements with SK Hynix and OpenAI for semiconductor supply highlight the need for substantial investment in capacity expansion, estimated at 40 trillion won [7].