Core Viewpoint - Samsung Electronics is experiencing a recovery in its core business areas, particularly in semiconductors, following the resolution of Chairman Lee Jae-Yong's legal issues. The company has signed a significant contract worth 22 trillion KRW with Tesla, marking a turnaround for its foundry business and the System LSI department [2][3]. Group 1: Semiconductor Business Developments - The DS (Device Solutions) division of Samsung Electronics has successfully addressed two of the three major challenges it faced in the second half of the year, specifically in the memory sector with HBM and the foundry sector with 2nm technology [3]. - The Galaxy Z Flip 7, launched on September 9, features the Exynos 2500 processor, which has helped to recover from previous setbacks. Initially, the Galaxy S25 series was expected to use this chip, but the mobile division opted for Qualcomm's Snapdragon 8 instead, leading to a disappointing outcome for Exynos [3][4]. - Samsung Electronics announced a contract for 2nm semiconductor mass production worth 22.7647 trillion KRW with Tesla, a significant client that the foundry division has long sought. This contract is expected to bolster the company's position in the semiconductor industry [3][4]. Group 2: Market and Ecosystem Implications - The contract with Tesla is seen as a catalyst for industry rebound and ecosystem expansion, as it can revitalize the entire semiconductor sector by attracting more global clients and establishing a robust ecosystem involving foundries, IP, design companies, and post-processing firms [4]. - The HBM (High Bandwidth Memory) business remains a critical area for Samsung, which has made progress by confirming the supply of 12-layer HBM3E to AMD. However, it still needs to build sufficient momentum to change market perceptions that it lags behind competitors like SK Hynix [4][5]. - In the second quarter, HBM3E accounted for over 80% of Samsung's total HBM business, with expectations that this will exceed 90% in the second half of the year. The company has also completed mass production approval for HBM4 using 1c DRAM and has supplied samples to clients [4][5].

Core Viewpoint - SK Hynix has surpassed Samsung Electronics to become the world's largest memory manufacturer in Q2, driven by AI demand, while Samsung's memory revenue has declined significantly [3][6]. Group 1: Market Position and Performance - SK Hynix's memory revenue reached 21.8 trillion KRW (approximately 15.2 billion USD), while Samsung's memory revenue fell to 21.2 trillion KRW [3]. - SK Hynix holds a 62% share of the high-bandwidth memory (HBM) market, while Samsung only has 17% [3]. - Samsung's semiconductor division reported a 94% drop in operating profit year-on-year, with a net profit decrease of 48.01% [6]. Group 2: Product and Business Strategy - Samsung plans to increase sales of server memory chips and is awaiting certification for its HBM3E memory, which is expected to secure more orders from NVIDIA [7][9]. - The company aims to enhance its next-generation 2nm GAA process yield to attract large clients, including Tesla, with a recently signed 23 trillion KRW contract [7][12]. - Samsung is focusing on high-value businesses like AI and expanding its advanced HBM shipments, with expectations of DRAM and NAND price increases starting in the second half of the year [9][10]. Group 3: Competitive Landscape - Samsung is reducing HBM3E prices to attract major clients, as it has not yet secured orders from NVIDIA, which is crucial for its market position [11]. - The company has completed reliability assessments for its first-generation 2nm process and is preparing for mass production, which may enhance its competitive edge in the semiconductor market [11].

Core Viewpoint - Samsung Electronics reported a significant decline in its semiconductor division's operating profit, down 94% year-on-year, primarily due to high inventory-related costs despite stable sales [1][5]. Financial Performance - For Q2, Samsung's operating profit was 4.67 trillion KRW (approximately 3.4 billion USD), a 55.23% decrease compared to the same period last year [1][5]. - Net profit fell by 48.01% to 5.11 trillion KRW, while total revenue slightly increased by 0.67% to 74.56 trillion KRW [1][5]. - The semiconductor business revenue decreased by 2% year-on-year, reflecting ongoing inventory issues [1][5]. Business Segments - The semiconductor division faced challenges with low capacity utilization in its foundry business, leading to stagnant revenue of 6.7 trillion KRW [1][5]. - The mobile and network business saw a 40.9% increase in operating profit, reaching 3.1 trillion KRW, driven by strong sales of flagship models like Galaxy S25 and mid-range Galaxy A series [1][5]. Future Outlook - Samsung anticipates a slight improvement in profitability in the second half of the year, focusing on increasing server memory chip sales and awaiting certification for HBM3E high-bandwidth memory [2][6]. - The company aims to enhance the yield of its next-generation 2nm GAA process to attract large clients, including a recent eight-year contract with Tesla worth 23 trillion KRW [2][3][8]. Product Innovations - The smartphone market is expected to be boosted by the launch of new foldable models, Galaxy Z Fold 7 and Z Flip 7, along with innovative products like XR headphones and a three-segment "Trifold" smartphone [4][8]. - Samsung's AI strategy is advancing, with a shift towards a multi-modal architecture for smartphone interaction, enhancing features in the S25 series through collaboration with Google [9]. Market Conditions - Despite uncertainties in the second half of the year, Samsung expects a rebound in performance, driven by growth in AI and robotics sectors [6]. - The company is closely monitoring the impact of tariffs and geopolitical risks on its core businesses, particularly in semiconductors and consumer electronics [6]. Investment Strategy - Samsung has invested 120 million USD in approximately 40 companies in the first half of the year, focusing on AI, robotics, and digital health to discover new technologies [6]. - The company plans to expand its HBM and advanced DRAM sales, anticipating a significant price increase for DRAM starting in the second half of the year [6][7].

7月30日，苹果的官方微博账号"Apple支持"出了一个意外事件，发布了一篇内容称："通过在自己的设备 上设置家长控制，你可以管理孩子设备上从App Store发起的下载和购买请求。"文案本身没有问题，但在 网友的截图中，配的视频里面的手机却是竞争对手三星的GalaxyZ Flip 7手机，免费帮三星进行了宣传。 是苹果"闹了乌龙"还是微博出了bug？ 对此，博主"钟文泽"表示，这次乌龙事件的起因是有小红书网友使用自己的微博客户端刷"Apple支持"的 微博，结果发现微博下边的视频是三星ZFlip7的广告。于是他截屏并录屏发到了小红书上。但其实这是微 博客户端的bug，导致某条微博的文案与视频错位，这种情况重启客户端就能修正。 上述博主表示，他询问得知"Apple支持"后台数据可以显示当天没有删除过微博，而网友截图那条微博也 没有二次编辑，只是单纯客户端bug。有网友说苹果和三星共用了同一个广告公司，这个错误的信 息。"Apple支持"这个账号完全是苹果自己运营，每一条微博发出来都是层层审核，没有犯错的空间。 苹果折叠屏将近 目前，上述微博已经被删除。苹果官方对此回应称："Apple支持仅发布过Apple相关 ...

Group 1 - The core incident involved Apple's official Weibo account mistakenly promoting Samsung's Galaxy Z Flip 7 in a video, leading to speculation about a mix-up due to both companies using the same advertising agency [1][4][6] - Apple's response indicated that the "Apple Support" account only publishes Apple-related content and that they are investigating the cause of the incident [4][6] - The incident occurred shortly after Samsung's Galaxy Unpacked event, where Samsung criticized Apple's iOS ecosystem, highlighting competitive tensions between the two companies [5][6] Group 2 - Apple is reportedly developing its first foldable iPhone, expected to be part of the iPhone 18 series, with a projected release in September 2026 at a price of $1999 [8] - Recent data shows that iPhone sales in China grew by 8% in Q2 2025, marking the first sales increase in two years, attributed to strategic pricing adjustments before major shopping events [8] - In the global smartphone market, Samsung remains Apple's strongest competitor, with Samsung's Q2 2025 smartphone shipments reaching 58 million units, a 7.9% year-on-year increase, while Apple's shipments were 46.4 million units, up 1.5% [8] Group 3 - Despite being competitors in the foldable smartphone market, Samsung is also the panel supplier for Apple's upcoming foldable iPhone, with production facilities nearing completion [9] - Industry forecasts suggest Apple may produce between 6 million to 8 million units of the foldable iPhone in 2026, with the project currently in the prototype development stage [9] - The global foldable smartphone market is expected to see a rebound in 2026, driven by Apple's entry and a resurgence in clamshell designs, despite a projected decline in 2025 [9]

Core Viewpoint - Samsung Electronics is revamping its Exynos application processor (AP) architecture to address long-standing performance and heat issues, with the upcoming Exynos 2600 expected to incorporate a new Heat Pass Block (HPB) component for improved thermal management [1][3]. Group 1: Exynos 2600 Development - The Exynos 2600 will utilize a 2nm process technology, which is more refined than the 3nm process used in its predecessor, the Exynos 2500 [1][3]. - The introduction of HPB aims to mitigate potential heat bottlenecks associated with the advanced 2nm process, enhancing overall performance [2][3]. Group 2: Market Implications - The success of the Exynos 2600 is critical for Samsung's System LSI division, as it is planned for use in the upcoming Galaxy S26 series, which is a flagship product with significantly higher supply volumes compared to other models [3]. - The previous Exynos 2500 was not adopted for the Galaxy S25 series, marking a setback for Samsung, making the upcoming Exynos 2600 a pivotal opportunity for recovery [3]. Group 3: Foundry Business Impact - Samsung Foundry recently signed a contract worth approximately 22.8 trillion KRW (around 120 billion RMB) with Tesla for 2nm advanced process semiconductor supply, laying a foundation for business recovery [4]. - The successful adoption of Exynos 2600 by Galaxy S26 will directly influence the Foundry division's order volume, creating a synergistic growth opportunity for both System LSI and Foundry businesses [5].

Group 1 - Samsung Electronics is negotiating partnerships with companies like OpenAI and Perplexity AI to integrate more AI services into the next-generation Galaxy devices, aiming to provide a richer alternative to Google's Gemini [1] - The company plans to offer diverse AI options for the upcoming Galaxy S26 smartphone series, moving away from reliance solely on Alphabet's AI models [1] - Samsung is reportedly close to finalizing an investment agreement with Perplexity to incorporate its applications and assistant features into its products [1] Group 2 - In the newly released Galaxy Z Flip 7 foldable phone, Samsung has adopted its self-developed Exynos chipsets to reduce dependence on Qualcomm and address market concerns regarding the efficiency and thermal performance of its Exynos series [2] - Apple is set to launch its first foldable iPhone next year, which will feature a design similar to Samsung's Galaxy Z Fold series and utilize several core components, including foldable OLED screens supplied by Samsung Display [2] - The introduction of more global companies into the foldable phone market is seen as beneficial for industry development, according to Samsung's mobile business president [2]

Product Launches & Pricing - Samsung introduced three new foldable smartphones aimed at a broader audience [1] - The Galaxy Z Flip 7 FE is Samsung's most affordable folding phone at $900 [1] - The Galaxy Watch 8 starts at $350 (40mm), a $50 increase from the Galaxy Watch 7 [5] - The Galaxy Watch 8 Classic starts at $450 (46mm) [5] - The updated Galaxy Watch Ultra with 64 GB storage starts at $650 [6] Design & Features - The Fold 7's thickness is reduced to 8.9% mm when closed, compared to 14.9% mm on the Galaxy Z Fold 6 [2] - The Galaxy Z Flip 7 features slimmer bezels for an all-screen look [2] - The outer display (Flex Window) on the Flip 7 is now 4.1% inches, up from 3.4% inches on the Flip 6 [3] - The Galaxy Watch 8 series includes Google Wear OS 6 with Gemini AI chatbot [4] - The Galaxy Watch 8 series features improved battery life, brighter display, slimmer body, and advanced health features [4] Processor - Samsung is using its own Exynos processor for the Flip 7, marking the first time it's used its own processor on a foldable device [3] - The Fold 7 uses Qualcomm's Snapdragon 8 Elite chip [3]

Core Viewpoint - Samsung has officially confirmed the development of a tri-fold smartphone, aiming for a launch by the end of this year, with a strong emphasis on the integration of AI in its strategy [2][4]. Group 1: Product Development - Samsung plans to release a tri-fold smartphone, with the name yet to be finalized, focusing on product usability [4]. - The recently announced Galaxy Z Fold 7 and Z Flip 7 feature a thinner design, with the Fold 7 measuring 8.9mm when folded and 4.2mm when unfolded [5]. - The Fold 7 uses a custom Snapdragon 8 Elite chip, while the Flip 7 is powered by Samsung's Exynos 2500 chip, raising concerns about the latter's performance [8]. Group 2: AI Integration - Samsung aims to embed AI functionalities into its existing 400 million Galaxy devices by the end of the year, enhancing the smartphone's role as an AI partner [8][9]. - The company intends to expand Galaxy AI features across its product range, contingent on hardware capabilities [9]. Group 3: Future Projects - Samsung is collaborating with Google on a new XR headset project named Moohan, set to launch within the year [9]. - The development of Samsung's smart glasses is still in the early stages, with considerations for user experience and partnerships [11].

Market Trends & Performance - The S&P 500 and NASDAQ Composite closed at record highs, while the Dow was up around 200 points [2] - Nvidia's market capitalization closed above $4 trillion for the first time [3] - Tech sector lagged, while financials and healthcare led [3][4] - Goldman Sachs and Bank of America raised their S&P 500 targets, indicating continued rally momentum [5] Company Specifics - Levi Strauss's stock rose nearly 8% in after-hours trading after a stellar report, with the stock up more than 30% this year [29] - Levi Strauss's adjusted earnings per share were 22 cents versus an expected 13 cents, and revenue was $1.45 billion versus an expected $1.37 billion [30][31] - Levi Strauss is raising its outlook, expecting net revenue to increase by 1% to 2% compared to a previous decline of 1% to 2%, and adjusted earnings per share are expected to be between $1.25 and $1.30 [33] - JP Morgan was upgraded to outperform, trading at a 12% to 13% premium, with an ROE of 20% last year [41] - Morgan Stanley was upgraded, with high teens ROE that's repeatable and with limited volatility [47] - Samsung debuted its newest foldable phones, the Galaxy Z Fold 7 and Galaxy Z Flip 7, with the Fold 7 being 42% thinner [54][56] Economic Outlook & Tariffs - TIAA Wealth Management, with over $1.3 trillion in assets under management, suggests limited S&P 500 upside in the second half due to an expected economic slowdown [8][10] - The economy is expected to slow down to 1% to 1.5% growth, which is not yet factored into earnings estimates [14] - US tariffs on imports from China are assumed to remain at 30%, with the rest of the world at 10% for the remainder of the year [33] - Current tariff rates are effectively at 14%, significantly higher than the 2.5% at the beginning of the year [18][19] Investment Strategies & Fixed Income - TIAA Wealth Management advises clients to have a diversified asset class structure and diversified income sources [22] - Financials are expected to perform well due to deregulation and productivity, and certain parts of the market leveraged to the AI capex theme are favored [24] - Global diversification is recommended, as tariffs force other countries to invest in themselves [25] - A diversified basket of high-quality fixed income securities can yield 5% to 6%, depending on the duration [27]