三星芯片，孤注一掷

Core Viewpoint - Samsung Electronics' second-quarter performance decline is primarily attributed to poor results in its semiconductor business, which accounts for 50-60% of its overall profit. The company has struggled to benefit from the booming AI sector due to ongoing technical issues with high-bandwidth memory (HBM) products [1][2]. Group 1: Semiconductor Business Performance - The Device Solutions (DS) division is expected to report sales of 27 trillion KRW and an operating profit of around 1 trillion KRW for the second quarter, with some analysts predicting a drop in operating profit to 400 billion KRW [1]. - The inventory valuation loss provision for the DS division is estimated at about 1 trillion KRW, reflecting a decline in product prices and anticipated difficulties in selling certain products [2]. - The wafer foundry and system LSI divisions are projected to incur losses of approximately 2 trillion KRW, continuing a trend of significant losses due to the inability to secure major clients [2]. Group 2: Future Outlook and Recovery - Industry observers believe Samsung may have hit bottom in the second quarter and could rebound starting in the third quarter, driven by rising prices for older and high-end memory products [3]. - The DS division's operating profit is forecasted to reach between 3 trillion and 5 trillion KRW in the third and fourth quarters, respectively, as demand for IT equipment and semiconductors typically increases in the second half of the year [3]. - Recent increases in HBM shipments to major tech companies like AMD and Broadcom, along with the commencement of 2nm chip production, suggest a potential recovery in the foundry business [3]. Group 3: HBM and DRAM Developments - Samsung has completed the development of sixth-generation DRAM based on advanced 10nm technology, moving closer to mass production of HBM4, which is expected to be a key component in the AI era [5][10]. - The company is also working on accelerating the mass production of HBM4 and has begun supplying 12-layer HBM3E products to AMD, while seeking to establish supply agreements with Nvidia [8][9]. - The successful commercialization of HBM4 is seen as crucial for Samsung to regain momentum in the high-end memory market, especially as competition intensifies with rivals like SK Hynix [8][10]. Group 4: Strategic Partnerships and Market Position - Samsung's efforts to secure large-volume GPU orders from Nvidia are critical for improving its financial performance and enhancing its competitiveness in the AI chip market [13]. - The company is currently producing Nvidia's Tegra T239 chip for the next-generation Nintendo Switch 2, which has seen commercial success, potentially boosting Samsung's foundry business profitability [11]. - Samsung's strategy includes developing and mass-producing new market segments such as HBM4 and customized HBM chips, aiming to avoid past mistakes and capitalize on emerging opportunities [11].