Samsung Electronics Co Azioni (OTC: SSNLF)

Ultime notizie per Samsung Electronics Co (OTC:SSNLF) Azioni

Samsung Electronics is a diversified electronics conglomerate that manufactures and sells a wide range of products, including smartphones, semiconductor chips, printers, home appliances, medical equipment, and telecom network equipment. More than half of its profit is generated from semiconductor business, and a further 20-25% is generated from its mobile handset business, although these percentages vary with the fortunes of each of these businesses. It is the largest smartphone and television manufacturer in the world, which helps provide a base demand for its component businesses, such as memory chips and displays, and is also the largest manufacturer of these globally.

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Taiwan Semiconductor segna una crescita record grazie alla domanda di chip AI e iPhone, con prospettive brillanti per il futuro.

Rally di Taiwan Semiconductor: i dati segnalano un futuro brillante

SAMSUNG ELECT LTD by Samsung Electronics Co., Ltd.

Samsung Electronics Co Ltd

In a significant move for the semiconductor industry, President Joe Biden has enacted legislation that exempts certain U.S. chip manufacturing facilities from federal environmental reviews. 
What Happened: This new law, affects projects benefiting from government subsidies under the $52.7 billion CHIPS Act of 2022. The legislation aims to prevent potential delays that could arise from additional federal environmental reviews mandated by the National Environmental Policy Act of 1969, Reuters reported. 
Proponents argue that these projects have already complied with existing federal, state, and local environmental regulations.
The U.S. Commerce Department has allocated over $35 billion for 26 projects, including substantial grants to companies like Samsung Electronics Co Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>), Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), and Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), to boost domestic chip production.
While the White House maintains its commitment to environmental standards, groups such as the Sierra Club emphasize the importance of reviews for community and worker safety. 
The bipartisan legislation, co-authored by Senators Sen. Mark Kelly (D-Ariz.) and Sen.&nbsp;Ted Cruz&nbsp;(R-Texas), seeks to enhance U.S. semiconductor manufacturing by avoiding unnecessary delays.
See Also: <a href="https://www.benzinga.com/news/24/09/41020589/tech-youtuber-mkbhd-responds-after-facing-massive-backlash-over-his-new-12-a-month-wallpaper-app?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tech YouTuber MKBHD Responds After Facing Massive Backlash Over His New $12 A Month Wallpaper App</a>
Why It Matters: The semiconductor industry is at the forefront of technological advancements, and the demand for chips has surged due to the rise of artificial intelligence and other tech innovations. 
Recent <a href="https://www.benzinga.com/government/24/10/41127863/despite-nvidia-selloff-bidens-law-and-taiwan-semis-advantage-offer-growth-potential">market trends show that semiconductor stocks</a>, including those of Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Micron Technology, have experienced fluctuations amid broader economic factors.
Moreover, the tech industry&#8217;s push towards AI has raised <a href="https://www.benzinga.com/news/24/05/38979360/microsofts-ai-push-puts-its-carbon-neutral-goal-at-risk-says-president-brad-smith">concerns about environmental sustainability</a>. Companies like Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) have faced challenges in balancing AI advancements with carbon-neutral goals.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Biden Signs Law To Exempt Certain US Chipmaking Facilities From Federal Environmental Reviews Under CHIPS Act

On Tuesday, STMicroelectronics NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>) and Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) subsidiary Qualcomm Technologies International announced a new strategic collaboration for industrial and consumer IoT solutions augmented <a href="https://www.benzinga.com/topic/artificial-intelligence">by edge artificial intelligence</a>.
The two companies proposed integrating Qualcomm Technologies&#8217; leading AI-powered wireless connectivity technologies with the microcontroller (MCU) ecosystem from STMicroelectronics.
Remi El-Ouazzane of STMicroelectronics said: &#8220;Wireless connectivity is key to the fast pervasion of edge AI across an ever-growing variety of use cases in enterprise, industrial, and personal applications.&#8221;
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/01110637/newplot.png" alt="" class="wp-image-574930" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/01110637/newplot.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/01110637/newplot-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Also Read: <a href="https://www.benzinga.com/government/24/09/41093269/whats-going-on-with-chip-stocks-like-nvidia-taiwan-semi-and-amd-on-monday" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Chip Stocks Like Nvidia, Taiwan Semi And AMD on Monday?</a>
STMicroelectronics stock plunged over 33% in the last 12 months. 
The <a href="https://www.benzinga.com/news/earnings/24/07/39955407/tesla-apple-chip-supplier-stmicroelectronics-q2-earnings-hit-by-weakness-in-industrial-and-automoti" target="_blank" rel="noreferrer noopener">key supplier to</a> Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) clocked a 25.3% topline decline in the second quarter due to weakness in the industrial and automotive sectors. At least three Wall Street firms, including Craig-Hallum, TD Cowen, and Bernstein, <a href="https://www.benzinga.com/quote/STM/analyst-ratings" target="_blank" rel="noreferrer noopener">slashed their price targets</a> on the stock after the dismal print.
Qualcomm&nbsp;stock is up over 48%. It reported <a href="https://www.benzinga.com/news/earnings/24/07/40080595/qualcomm-q3-earnings-highlights-revenue-beat-eps-beat-strong-execution-of-our-growth-and-diversific" target="_blank" rel="noreferrer noopener">third-quarter topline</a> growth of 11%, backed by its handsets and automotive segments. In the third quarter, it bagged over ten new design wins for automotive. JPMorgan analyst Samik Chatterjee flagged growth potential by regaining market share with Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) and diversification into the automotive and IoT sectors, partially offsetting <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40898388/qualcomm-analyst-sees-opportunity-in-regaining-share-with-samsung-after-apple-reven" target="_blank" rel="noreferrer noopener">lost revenue from Apple</a>.
<a href="https://www.benzinga.com/government/24/09/41004045/whats-going-on-with-chinese-stocks-alibaba-nio-xpeng-li-auto-on-tuesday">Recently, the U.S. Fed</a>, followed by China, slashed its key rates to spur discretionary spending. Lower interest rates have the potential to drive the industrial and automotive sectors by promoting discretionary spending by the companies.
Price Actions: STM stock is down 3.48% at $28.70 at last check Tuesday. QCOM is down 2.44% at $165.73.
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</ul>
Image: Shutterstock

QCOM

TSLA

Qualcomm Partners With STMicroelectronics To Boost AI-Powered IoT Connectivity

<a href="https://www.business-standard.com/industry/news/tech-layoffs-2024-over-100-000-it-jobs-cut-in-second-half-of-the-year-124100100638_1.html">https://www.business-standard.com/industry/news/tech-layoffs-2024-over-100-000-it-jobs-cut-in-second-half-of-the-year-124100100638_1.html</a>
&nbsp;

Management

Reported Earlier, 'Samsung Is Reportedly Considering Cutting Its Workforce By Up To 30% In Certain Divisions, Potentially Impacting Roles In Sales, Marketing, And Administration' - Business Standard

SK Hynix (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HXSCF#OTC">HXSCF</a>) shares soared over 9% on Thursday <a href="https://www.benzinga.com/markets/asia/24/09/40932429/nividia-supplier-sk-hynix-shares-drop-to-lowest-level-since-february-in-seoul-after-morgan-stanley-d">following the commencement of mass production</a> of their latest high-bandwidth memory chips.
What Happened: The South Korean company has introduced the HBM3E chips, which feature 12 layers and offer 50% more capacity than the previous eight-layer versions. 
This development positions SK Hynix ahead in the competitive race to meet the growing demand driven by artificial intelligence advancements.
The company, a primary supplier to NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), plans to deliver these advanced chips to unnamed customers by the end of the year. 
Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) had previously announced in July that it would supply its HBM3E 12-high units to customers in the latter half of this year. Meanwhile, Micron Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) disclosed earlier this month that it is shipping production-capable HBM3E 12-high units to key industry <a href="https://www.benzinga.com/news/24/08/40227015/nvidia-greenlights-samsungs-fifth-gen-hbm3e-chips-for-ai-processors-report">partners for qualification</a>.
See Also: <a href="https://www.benzinga.com/news/earnings/24/09/41034733/micron-q4-earnings-revenue-eps-beat-on-robust-ai-demand-company-sees-significantly-improved-profita">Micron Q4 Earnings: Revenue, EPS Beat On &#8216;Robust AI Demand,&#8217; Company Sees &#8216;Significantly Improved&#8217; Profitability Ahead, Shares Surge</a>
Why It Matters: In recent months, SK Hynix has experienced significant fluctuations in its stock price. Last week, the company&#8217;s shares dropped to their lowest level since February after Morgan Stanley downgraded the stock, citing <a href="https://www.benzinga.com/markets/asia/24/09/40932429/nividia-supplier-sk-hynix-shares-drop-to-lowest-level-since-february-in-seoul-after-morgan-stanley-d">deteriorating memory conditions</a>. This downgrade slashed the target price to 120,000 won from 260,000 won.
Despite this, SK Hynix has been riding a wave of optimism driven by the AI boom. In July, Goldman Sachs and Citigroup predicted <a href="https://www.benzinga.com/news/24/07/39644569/key-nvidia-supplier-sk-hynix-to-get-further-boost-from-ai-demand-even-after-90-stock-surge-goldman-s">further growth for the company</a>, driven by high demand for AI and positive earnings forecasts. Goldman Sachs raised its stock-price target to 290,000 won, while Citigroup increased its prediction to 350,000 won.
Additionally, SK Group, the parent company of SK Hynix, announced a massive <a href="https://www.benzinga.com/news/24/07/39575498/nvidia-suppliers-parent-company-pledges-56b-investment-in-ai-chip-tech-by-2026-as-competition-from-s">$56 billion investment</a> in AI and semiconductor technology by 2026. This investment aims to bolster the company&#8217;s supply chains for emerging technologies, including high-bandwidth memory chips.
Price Action: SK Hynix&nbsp;is currently trading at 180,100 won, with a surge of 8.95% on Thursday. The stock has gained 26.47% year-to-date, according to&nbsp;<a href="https://www.benzinga.com/pro/login" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
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</ul>
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Global

HXSCF

Nvidia Supplier SK Hynix Soars 9% As Mass Production Of Advanced HBM3E Chips Begins Amid Burgeoning AI Demand

Shipments Of Phones Within China Up 26.7% YoY At 24.05M Handsets In August

<a href="https://www.globenewswire.com/Tracker?data=u__EcdHyxyoNqn01p2yG1vMlvN47sF2FkFGe-sdX9GqR7I8HbDcDvEmZIPlZ_Yn7tZ_u1HkDpxUgsHgDNw1rAA==">ABM (NYSE:</a><a href="https://www.benzinga.com/stock/ABM#NYSE">ABM</a>), a leading provider of integrated facility services, infrastructure solutions, and parking management, today announced a distributorship agreement with <a href="https://www.globenewswire.com/Tracker?data=6xDlfYiK6RHtxZ1B-aj2ncXx1sxHNVHZ23D8Jn-FH-DacqXwzc2NmQpLGqLUrmu579-M9-ewGQne0QCgid1glNP6MsNZVVW4WVYDCHLE154=">Samsung C&amp;T</a> Charging Solutions, making ABM an authorized distributor and servicer of EVSIS-branded DC Fast Chargers. Samsung C&amp;T Charging Solutions is an equity partner of the Korean DC Fast Chargers manufacturer EVSIS, which is entering the United States market. &nbsp;
The EVSIS chargers are versatile and high-quality, with best-in-class technology that integrates seamlessly with the cloud-based <a href="https://www.globenewswire.com/Tracker?data=3c82g6zuJHtSlAHprFkNAjBjCYt4m5ugaDVEOVcjLBVGGtXdtXbKN6PSQ4TiIUyBdFMVw9x56CoPQqtRjRUAKqPsYPA9-GcgvqBAg1U9nPthwR9LjjsCsSJBg959koScU7oe-2KGY5oqZMnC1Uz5TYgdBXupjsqJNA735KYBiZHgs8yPctcL0MeitK3PEKsTO_vCxScGVvr1Q1PFuoaF0iHFUJwUjGX3u_EkgihogBxHnqjEywISQD2bnXgqzSvz0G3rT_IQdZUhMe-GA8Ce17UE5ttef9FVGvhiodgkpUBff-2OOtbhOEl9ceGNmMo58EaHEBBQRmerk_yLD9fSjFZ4pxTvB5AKdTBcbqz7MZZnMHMRNIQ43EmEh1eYKI0Isdp8A7k_IJiSU_BJGBCiI_t_0TfM6S1_X2aNHctrDOgro76lkXPT31tsJY1C4kjqG2R8UT3NtxMlke190kGPGFCP5DcqAA6RndYJmFzjAoeAN2Cb11pcq_PBpDJpKjiEJzwayugvIqKALSnJmxxGt3VlHs1HPC1kDc-n022mlpPz22CAKJypZIMvWFI_1Mg6sgrmgDrlzLjwAmk7AxQO1h5QZtK3pFGCJ4Hu_3AMtDyQDttkFPb7m3dy1l_Mr6mFxCVjq8ipJQcT7FGm4N_v84nC7WOreAwkazTulVdnMAgZLoPUqHwqp0ZyuMTfJG8DPGkIP2KVT6AI2OnUXnq6K0q5n-0NKitWaXP0_GmHnBREYeuE19LbJTfVKELSl1xz_4LXljkXpixEzPGnFAMjAJK4KmW2HMKpC5qZba28AO6004-TyTVx8QQMsXfEDPWIUXlzjfmsdmmuKb-wwB4_jZPUAMSQhECTNd6JAhZpHWW8ZRhQ7uyn_rft56grwjI-2jCXDWfItZ-DFdsu6dh6risAwVOVDF89u2GcC7jcIbxKZNlpVdmEmnq5Kca4hbSMwQGdBPM5jPbpIOb-28flmk2PVYoEPl2mz4Z4qnnM6AVppBeA8Xgx8LuzEGpOmHGBX1zeiy5lHdkQjGIIVAlbAW-AuFOmQjgEtwgRFbgnOGcgVmQdlcz1sYT-YjQnuP_qAQ2Nshrdbw9B3zyzDxenKk2vbnO-9Qqyx0VkdoW6ddwWkGPmOPlgmsQuzhs5wJ4a">ABM EV OS</a> platform – enabling for scalable expansion, intelligent monitoring, remote operation management, comprehensive reporting, and automatic infrastructure diagnostics. Through this partnership, all EVSIS chargers will be offered and serviced alongside ABM's current charger portfolio.

ABM Expands Charger Portfolio With Samsung C&T Charging Solutions Partnership

Editor&#8217;s Note: The first paragraph has been amended to correct TSMC&#8217;s stance
Monday, Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) snubbed the Wall Street journal report that claims its plans for <a href="https://www.benzinga.com/markets/equities/24/09/40973148/tsmc-and-samsung-explore-100b-chip-megafactories-in-uae-amid-ai-boom-and-global-expansion-plans-" target="_blank" rel="noreferrer noopener">new foreign investments</a> are backed by United Arab Emirates (UAE) subsidies.
Recent reports indicated the Taiwanese contract chipmaker intends to collaborate with Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) for a project in the UAE. The initiative entails investments exceeding $100 billion, the Taipei Times <a href="https://www.taipeitimes.com/News/biz/archives/2024/09/23/2003824231" target="_blank" rel="noreferrer noopener">reports</a>.
Taiwan Semiconductor executives reportedly visited the UAE and discussed a plant with advanced facilities akin to Taiwan.
Taiwan Semiconductor remains focused on its <a href="https://www.benzinga.com/government/24/09/40940463/whats-going-on-with-taiwan-semiconductor-stock-on-thursday" target="_blank" rel="noreferrer noopener">U.S. expansion</a>. It promoted Rose Castanares, executive vice president of the Arizona unit, as president last week. The company is a key supplier to Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>). The company also inked at least two smartphone chip deals. One agreement is with Apple for the iPhone and the other is with Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) for the Google Pixel 10 and Pixel 11.
Taiwan Semiconductor is building two fabs in Arizona involving the 4nm, 3nm, and 2nm processes. It also targets a third fab in Arizona, leveraging the 2nm process.&nbsp;
The U.S. offered the chipmaker a $6.6 billion federal grant and $5 billion in loans. Last week, the U.S. Federal Reserve slashed its benchmark interest rate by 50 basis points. Setting the interest rate at 4.75%-5% to spur growth can be a tailwind for capital-intensive semiconductor companies.
Taiwan Semiconductor stock has been up 102% in the last 12 months, being the critical contract chipmaker for AI chips. Investors can gain exposure to Taiwan Semiconductor through ProShares Nanotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TINY#NYSE">TINY</a>) and First Trust S-Network Electric &amp; Future Vehicle Ecosystem ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARZ#NASDAQ">CARZ</a>).
Price Action: Taiwan Semiconductor stock is up 0.35% at $174.69 premarket at last check Monday.
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<li><a href="https://www.benzinga.com/news/earnings/24/09/40976900/wall-street-eyes-modestly-positive-start-as-atypical-september-rally-generates-positive-sentiment-c">Wall Street Eyes Modestly Positive Start As Atypical September Rally Generates Positive Sentiment, China Cuts Rate: Intel, Palantir, Bitcoin Make Huge Moves</a></li>
</ul>
Image: Shutterstock

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Taiwan Semiconductor Denies UAE Investment Rumors: Report (UPDATED)

President of U.A.E., Sheikh Mohamed bin Zayed al-Nahyan will meet U.S. President Joe Biden in Washington on Monday. The discussion will focus on artificial intelligence cooperation as the U.A.E. seeks easier access to advanced U.S.-made technology.
What Happened: This marks Sheikh Mohamed&#8217;s first official visit to the US in seven years, highlighting his commitment to securing White House support for the U.A.E.&#8217;s AI ambitions. The U.A.E., a key U.S. ally in the Middle East, has faced strained relations with Washington in recent years, Financial Times <a href="https://www.ft.com/content/e85bef92-5f53-4f71-bb3b-a0d65f3a4c48">reported</a> on Monday.
AI has revitalized the U.S.-U.A.E. relationship. Abu Dhabi aims to reduce its dependence on fossil fuels by partnering with American tech firms. Anwar Gargash, Sheikh Mohamed's diplomatic adviser, emphasized the importance of not missing out on technological advancements.
See Also: <a href="https://www.benzinga.com/news/24/09/40970948/elon-musk-and-nvidia-ceo-share-vision-of-ai-powered-personal-assistants-linkedin-under-scrutiny-and?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk And Nvidia CEO Share Vision Of AI-Powered Personal Assistants, LinkedIn Under Scrutiny And More</a>
The U.S. had added Gulf states to a restricted list for importing advanced AI chips, causing delays for U.A.E. companies. Two sources expect the presidents to agree on a framework for U.S.-U.A.E. AI cooperation. One source mentioned the U.A.E.&#8217;s goal of establishing a &#8220;road map&#8221; before the U.S. election to ensure progress regardless of the future administration.
The U.A.E.&#8217;s AI group G42 recently partnered with Nvidia on a weather forecasting initiative, and Abu Dhabi&#8217;s MGX announced a $30 billion AI investment fund with BlackRock, Global Infrastructure Partners, and Microsoft.
Why It Matters: The UAE&#8217;s push for AI collaboration with the U.S. is part of a broader strategy to diversify its economy. The nation is leveraging its wealth to become a global AI powerhouse. In June, the U.A.E. signed a $1.5 billion deal with Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) to invest in <a href="https://www.benzinga.com/news/24/06/39153123/now-uae-forges-us-tie-up-with-1-5b-deal-to-become-global-ai-powerhouse">Abu Dhabi&#8217;s AI firm G42</a>.
Additionally, Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) are exploring the construction of $100 billion <a href="https://www.benzinga.com/markets/equities/24/09/40973148/tsmc-and-samsung-explore-100b-chip-megafactories-in-uae-amid-ai-boom-and-global-expansion-plans-">chip megafactories in the U.A.E</a>. These projects could significantly bolster the U.A.E.&#8217;s tech industry and global chip production capabilities.
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<li><a href="https://www.benzinga.com/news/24/09/40897716/elon-musk-reacts-after-mark-cuban-says-he-would-buy-x-in-a-heartbeat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Mark Cuban Says He Would Buy X &#8216;In A Heartbeat&#8217;</a></li>
</ul>
Image by Kalashae via Wikimedia Commons
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

General

Joe Biden Set To Welcome UAE President For Talks On AI Cooperation During Sheikh Mohamed Bin Zayed Al-Nahyan's First Official Visit in 7 Years

Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) are discussing the construction of massive chip-making complexes in the United Arab Emirates. These projects could be valued at over $100 billion.
What Happened: Executives from TSMC have recently visited the UAE to explore the possibility of establishing a plant complex comparable to their largest facilities in Taiwan. Similarly, senior leaders from Samsung have also visited the UAE to discuss potential chip-making operations in the region, The Wall Street Journal <a href="https://www.wsj.com/tech/ai/chip-giants-tsmc-and-samsung-discuss-building-middle-eastern-megafactories-65adc854?mod=hp_lead_pos3">reported</a> citing, people familiar with the interactions.
These discussions are in the preliminary stages and face significant technical and logistical challenges. The UAE would fund these projects, with Abu Dhabi-based sovereign development vehicle Mubadala playing a central role. Mubadala is eager to develop a domestic tech industry and increase global chip production.
The UAE&#8217;s ambitions reflect a broader global push to expand chip production to meet the demands of the AI boom. However, substantial technical and political hurdles remain, including the need for super-clean water and the availability of engineering talent.
Both TSMC and Samsung have had discussions with U.S. government officials regarding concerns about shipments of advanced AI chips to China, a trading partner of the UAE. These concerns need to be resolved before construction can begin, according to the report.
&#8220;We are always open to constructive discussion on ways to promote development of the semiconductor industry, but we remain focused on our current global expansion projects and&nbsp;have no new investment plans to disclose at this time,&#8221; a TSMC spokesperson told Benzinga in an email inquiry. 
Samsung did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40946963/bitcoin-worth-63-000-pulled-in-33-pack-of-trading-cards-at-gamestop-mind-boggling-story-go?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Worth $63,000 Pulled In $33 Pack Of Trading Cards At GameStop: ‘Mind-Boggling' Story Goes Viral, Highlights Crypto Redemption Card</a>
Why It Matters: The discussions between TSMC and Samsung come at a time when the Middle East is becoming increasingly significant in the global semiconductor landscape. 
Microsoft Corp. recently called for <a href="https://www.benzinga.com/news/24/09/40912608/microsoft-wants-clarity-on-chip-exports-to-middle-east-amid-1-4b-deal-with-uae-firm">more transparency on U.S. export controls</a> that have delayed the delivery of AI chips to the region. The company had invested $1.5 billion in G42, the largest AI company in the UAE, to use it as a gateway to markets in Africa and Asia.
Additionally, NVIDIA Corp has begun supplying its <a href="https://www.benzinga.com/news/24/09/40912608/microsoft-wants-clarity-on-chip-exports-to-middle-east-amid-1-4b-deal-with-uae-firm">advanced chips to Saudi Arabia</a>, positively influencing market sentiment in the Middle East and Asia. This move came after the U.S. reassessed its advanced semiconductor sanctions on Saudi Arabia, initially imposed in 2023 due to national security concerns.
Read Next: 
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

TSMC And Samsung Explore $100B Chip Megafactories In UAE Amid AI Boom And Global Expansion Plans: Report

<a href="https://www.wsj.com/tech/ai/chip-giants-tsmc-and-samsung-discuss-building-middle-eastern-megafactories-65adc854" title="https://www.wsj.com/tech/ai/chip-giants-tsmc-and-samsung-discuss-building-middle-eastern-megafactories-65adc854">https://www.wsj.com/tech/ai/chip-giants-tsmc-and-samsung-discuss-building-middle-eastern-megafactories-65adc854</a>

The Wall Street Journal Reported Sunday, Taiwan Semiconductor, Samsung Discussed Building Middle Eastern Megafactories

Wednesday, Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) promoted Rose Castanares, executive vice president of the Arizona unit, as president.
Castanares, who joined the Taiwanese contract chipmaker in 1998, will take over Brian Harrison on October 1, who will retire on December 31, the Taipei Times <a target="_blank" href="https://www.taipeitimes.com/News/biz/archives/2024/09/19/2003823993" rel="noreferrer noopener">cites</a> in a company statement.
TSM stock is trading higher on Thursday as the U.S. Federal Reserve <a target="_blank" href="https://in.benzinga.com/markets/equities/24/09/40932103/it-stocks-on-the-rise-after-u-s-fed-cuts-interest-rate" rel="noreferrer noopener">slashed its benchmark</a> interest rate by 50 basis points, setting the interest rate at 4.75%-5% to&nbsp;spur demand for discretionary spending from U.S. companies.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40904754/amazons-leaner-structure-and-ai-chip-partnership-with-intel-could-boost-growth-bofa" rel="noreferrer noopener">Amazon&#8217;s Leaner Structure and AI Chip Partnership with Intel Could Boost Growth: BofA Analyst</a>
The <a target="_blank" href="https://www.benzinga.com/government/24/04/38249052/samsung-secures-6-4b-from-us-for-texas-chip-factory-after-nvidia-supplier-tsmcs-breakthrough" rel="noreferrer noopener">contract chipmaker recently raised</a> its U.S. investment by more than 60% to $65 billion, as the country granted a $6.6 billion federal grant and provided $5 billion in loans.
TSMC is a key artificial intelligence chip supplier for Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and is building two advanced fabs in Arizona, leveraging the 4nm, 3nm, and 2nm processes.
It is also eyeing a third fab in Arizona, leveraging the 2nm process. Earlier this year, the company won approval to infuse $7.5 billion in the Arizona unit, reflecting its conviction in the <a target="_blank" href="https://www.benzinga.com/news/24/09/40928754/what-has-taiwan-semiconductor-stock-done-since-nvidia-earnings" rel="noreferrer noopener">artificial intelligence frenzy</a>, which it also voiced at the Semicon Taiwan industry forum in Taipei.
Recent reports also indicated Taiwan Semiconductor bagging at least two smartphone chip deals concerning Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, and Apple. Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) Samsung Foundry recently lost out on the Pixel 10 and Pixel 11 chip deals to Taiwan Semiconductor&#8217;s chipmaking technology.
A separate report indicated that Taiwan Semiconductor has started making Apple&#8217;s iPhone chip A16 SoC at the Arizona unit, leveraging its 5nm N4 technology.
Taiwan Semiconductor stock has risen 90% in the last 12 months. Investors can gain exposure to semiconductor stocks through&nbsp;the VanEck Semiconductor ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) and&nbsp;the&nbsp;iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>).
Price Action:&nbsp;TSM stock is up 3.88% at $173.78 at the last check on Thursday.
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</ul>
Photo by Sundry Photography on Shutterstock

Movers

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

What's Going On With Taiwan Semiconductor Stock On Thursday?

NVIDIA Corp&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) key supplier for high-bandwidth memory chips SK Hynix (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HXSCF#OTC">HXSCF</a>) declined over 6% on the South Korean exchange after Morgan Stanley&nbsp;downgraded the Korean memory chipmaker to underweight from overweight. 
What Happened: Morgan Stanley in a brokerage note slashed SK Hynix&#8217;s target price to 120,000 won from 260,000 won, citing the least preference for the stock among global memory makers, <a href="https://www.bloomberg.com/news/articles/2024-09-19/sk-hynix-shares-tumble-on-double-downgrade-at-morgan-stanley">reported</a> Bloomberg on Thursday.
"We prefer moving up to quality in Samsung and value-oriented end markets," wrote analysts Shawn Kim and Duan Liu. "Memory conditions are beginning to deteriorate. It will get tougher for revenue growth and margins from here as we move past late-cycle conditions."
The stock hit its lowest level since Feb. 19 after falling as much as 10%. Meanwhile, Samsung Electronics Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) saw a 3.1% decline among other semiconductor shares traded in Seoul.
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Why It Matters:&nbsp;In July, Goldman Sachs Group Inc. increased SK Hynix&#8217;s stock-price target to 290,000 won ($210), indicating a potential gain of 25%. Meanwhile, Citigroup Inc. raised its prediction to 350,000 won during the same period. 
SK Hynix's parent company,&nbsp;SK Group, pledged to<a href="https://www.benzinga.com/news/24/07/39575498/nvidia-suppliers-parent-company-pledges-56b-investment-in-ai-chip-tech-by-2026-as-competition-from-s" target="_blank" rel="noreferrer noopener">&nbsp;invest 80 trillion won</a>&nbsp;($56 billion) by 2026 in artificial intelligence and semiconductors, primarily in high-bandwidth memory chips, data centers, and personalized AI assistant services. This move is expected to strengthen its supply chains for emerging technology and bolster its position as a leading supplier to Nvidia.
The ongoing AI boom has put two South Korean chipmakers,&nbsp;Samsung&nbsp;and&nbsp;SK Hynix, in the spotlight. Industry experts are now discussing which company is the better investment in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38634543/ai-boom-puts-nvidia-suppliers-sk-hynix-samsung-in-spotlight-experts-discuss-best-so">this AI-driven market</a>.
Price Action: SK Hynix&nbsp;is currently trading at 151,800 won, with a decline of 6.76% on Thursday. The stock has gained 6.60% year-to-date, according to <a href="https://www.benzinga.com/pro/login">data from Benzinga Pro</a>.
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Image via SK Hynix
<a href="https://www.benzinga.com/quote/ssnlf" target="_blank" rel="noreferrer noopener"></a>

Analyst Ratings

Nividia Supplier SK Hynix Shares Drop To Lowest Level Since February In Seoul After Morgan Stanley Downgrade: 'Memory Conditions Are Beginning To Deteriorate'

Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is considering acquiring the OctoAI startup for $165 million to boost its software and cloud computing services.
According to the Information, which <a target="_blank" href="https://www.theinformation.com/articles/nvidia-recently-discussed-acquiring-software-startup-octoai-for-165-million" rel="noreferrer noopener">cites</a> shareholders&#8217; messages, the startup sells software designed to enhance the efficiency of artificial intelligence models.
OctoAI raised $132 million from investors, including Tiger Global, which was valued at $900 million in 2021.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40909973/blackrock-microsoft-others-team-up-for-30b-artificial-intelligence-fund-help-us-fuel-ai-innovation-a" rel="noreferrer noopener">BlackRock, Microsoft, Others Team Up For $30B Artificial Intelligence Fund: Help US Fuel &#8216;AI Innovation And Economic Growth&#8217;</a>
In March, OctoAI tapped Nvidia to usher in optimized generative AI <a target="_blank" href="https://octo.ai/blog/octoai-collaborates-with-nvidia-nim-to-bring-optimized-generative-ai-to-enterprises/" rel="noreferrer noopener">models for enterprises</a>.
OctoAI integrated NVIDIA NIM (which refers to inference microservices for accelerating the deployment of foundation models on any cloud or data center) into its generative AI platform to serve customer use cases, including language and image generation. Additionally, developers could experiment with inference-optimized models.
Nvidia is up 163% in the last 12 months, as its Graphics Processing Units (GPUs) remain indispensable to Big Techs like Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Amazon.Com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Google parent Alphabet Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) dream of accomplishing its AI ambitions.
Nvidia chief Jensen Huang voiced his conviction <a target="_blank" href="https://www.benzinga.com/news/24/09/40888647/nvidias-ai-surge-powers-25-of-s-p-500-gains-in-2024-makes-co-founder-huang-among-fastest-growing-rep" rel="noreferrer noopener">in the AI frenzy</a>, expecting hyper-scale customers to produce&nbsp;$5 in rental revenue&nbsp;for every $1 spent on Nvidia&#8217;s infrastructure.
Some significant hyper-scaler collaborations by Nvidia include Amazon and Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), which BofA Securities analyst Justin Post expects will unlock <a target="_blank" href="https://www.benzinga.com/news/24/09/40800539/amazon-and-oracle-partnership-unlocks-major-cloud-growth-opportunity-analyst-suggests" rel="noreferrer noopener">significant cloud opportunities</a>.
Price Action: NVDA stock is up 1.02% to $116.77 at the last check on Wednesday.
Image via Shutterstock

AMZN

ORCL

Nvidia Considers $165M OctoAI Acquisition, Aims to Strengthen AI and Cloud Dominance

China&#8217;s&nbsp;Yangtze Memory Technologies Co accomplished some breakthroughs in substituting ASML Holding NV&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) and&nbsp;Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) chipmaking technology with domestic alternatives as U.S. sanctions take a toll on China&#8217;s artificial intelligence ambitions, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-09-18/ymtc-advances-chip-tech-with-chinese-tools-techinsights-says?srnd=phx-technology&amp;sref=TBDibEcD" target="_blank" rel="noreferrer noopener">cites</a>&nbsp;TechInsights.
TechInsights analyst David Wei told Bloomberg in an interview that the memory maker leveraged gear from Advanced Micro-Fabrication Equipment Inc. China, Naura Technology Group and Piotech.
Geopolitical tensions have affected companies like YMTC and Huawei Technologies, as the U.S. restricted China&#8217;s access to advanced artificial intelligence chips and chipmaking machinery.
Though YMTC upgraded its &#8220;Xtacking&#8221; tech to help its NAND chip performance be at par with industry leaders Samsung Electronics Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>), Bloomberg cited from a research note. Still, the absence of advanced technologies from companies such as ASML and NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) continued to bite chipmakers like YMTC in the form of a lower production yield.
Chinese hyperscalers such as Alibaba Group Holding Ltd &#8211; ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) voiced how the U.S. semiconductor embargo affected<a href="https://www.benzinga.com/news/24/08/40550305/nvidia-tech-fuels-chinese-ai-growth-overseas-alibaba-ramps-up-7b-investment" target="_blank" rel="noreferrer noopener"> AI ambitions</a>.
Meanwhile, the U.S. was in no mood to soften its stance against China as it <a href="https://www.benzinga.com/news/24/09/40891335/nvidia-supplier-asml-among-firms-that-face-potential-new-export-restrictions-as-us-japan-move-to-lim" target="_blank" rel="noreferrer noopener">collaborated with Japan</a> to limit the export of chip technology to China.
Reports also indicated Nvidia AI chips <a href="https://www.benzinga.com/government/24/07/39616102/despite-restrictions-nvidia-chips-are-still-reaching-china-wsj" target="_blank" rel="noreferrer noopener">were making their way into</a> China via smuggling and other channels.
Photo: Shutterstock

ASML

BABA

LRCX

China's YMTC Makes Strides in Chip Production; Substitutes ASML, Lam Research Tech As US Sanctions Bite: Report

Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) is manufacturing Apple Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) A16 SoC at Phase 1 of the Taiwanese contract chipmaker&#8217;s Fab 21 in Arizona.
The chip made with Taiwan Semiconductor&#8217;s 5nm family,&nbsp;N4, debuted in 2022 with the&nbsp;iPhone 14 Pro. In 2024, Taiwan Semiconductor&#8217;s board approved a <a target="_blank" href="https://www.benzinga.com/news/24/08/40367565/whats-going-on-with-taiwan-semiconductor-stock-on-wednesday" rel="noreferrer noopener">fresh capital infusion</a> of up to $7.5 billion into Taiwan Semiconductor Arizona.
Per a Tim Culpan <a href="https://timculpan.substack.com/p/apple-mobile-processors-are-now-made" target="_blank" rel="noreferrer noopener">report</a>, Taiwan Semiconductor proposes ramping up volume production upon completing the second stage of the Phase 1 fab.
Recent reports indicate that the Arizona facility&#8217;s production yield is&nbsp;at par&nbsp;with <a target="_blank" href="https://www.benzinga.com/news/24/09/40790997/taiwan-semiconductors-strong-august-sales-hint-at-big-gains-ahead-ai-and-iphone-demand-fuel-optimism" rel="noreferrer noopener">its Taiwan facilities</a>.
The Apple chipmaking update coincides with Apple&#8217;s market share loss in its crucial market, China. The iPhonemaker&#8217;s market share in China dropped to <a href="https://www.benzinga.com/news/24/09/40845772/huaweis-2-800-tri-fold-phone-has-the-potential-to-eat-apples-lunch-in-china-here-is-how-it-compares" target="_blank" rel="noreferrer noopener">14% in the second quarter</a> of 2024, down by two percentage points year-on-year. Additionally, Huawei Technologies Co targeted Apple&#8217;s premium smartphone market share by announcing the launch of the tri-fold smartphone&nbsp;Mate X shortly after the launch of the iPhone 16&nbsp;series. Apple stock gained 22% in the last 12 months.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18082721/newplot-13.png" alt="" class="wp-image-553863" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18082721/newplot-13.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/18082721/newplot-13-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Meanwhile, things are relatively hunky-dory for Taiwan Semiconductor as the smartphone market recovery and continued demand for Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) AI chips play out as growth catalysts. 
Recent reports indicated that Taiwan Semiconductor might bag Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google&#8217;s smartphone chip deal involving <a href="https://www.benzinga.com/news/24/09/40833611/google-picks-taiwan-semiconductor-for-pixel-chips-samsung-loses-key-deal-report" target="_blank" rel="noreferrer noopener">Pixel 10 and Pixel 11 chips</a> as Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) owned Samsung Foundry failed to deliver. 
Price Actions: Apple stock is up 1.4% at $219.88 at last check Wednesday. Taiwan Semiconductor is up 0.23% at $167.74; It&#8217;s up 89% in the last 12 months.
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Image: Shutterstock

Taiwan Semiconductor Begins Production Of Apple A16 Smartphone Chips At Arizona Facility: Report

Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) has successfully fueled Japan&#8217;s record land price appreciation for the second year, reflecting the importance of the projects on the economy.
The contract chipmaker&#8217;s new chip plants on the southern island of Kyushu have been instrumental in driving up land prices by 33.3%, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-17/tsmc-plants-fuel-japan-s-biggest-land-price-rises-for-2nd-year?srnd=phx-technology&amp;sref=TBDibEcD" rel="noreferrer noopener">cites</a> Ministry of Land, Infrastructure, Transport and Tourism data.
<a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36821337/tsmc-reportedly-expands-in-japan-with-a-second-plant-investing-billions-and-shaping-the-future-o" rel="noreferrer noopener">Prior reports indicated</a> Taiwan Semiconductor was eying a second Japanese plant in Kumamoto, potentially investing $13.5 billion after making its debut in the country with a wafer factory worth $8.6 billion.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40790997/taiwan-semiconductors-strong-august-sales-hint-at-big-gains-ahead-ai-and-iphone-demand-fuel-optimism" rel="noreferrer noopener">Taiwan Semiconductor&#8217;s Strong August Sales Hint at Big Gains Ahead, AI and iPhone Demand Fuel Optimism</a>
It also plans a third advanced chipmaking plant in Japan, worth $20 billion, in Kumamoto prefecture, to produce 3-nanometer chips as Japan overhauls its chip strategy.
Taiwan Semiconductor stock has risen over 88% in the last 12 months as the Big Techs, including Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Amazon.Com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Google parent Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), remain invested in their artificial intelligence technology ambitions.
Recently Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>)-owned Samsung Foundry lost a Google smartphone deal to Taiwan Semiconductor due to <a target="_blank" href="https://www.benzinga.com/news/24/09/40833611/google-picks-taiwan-semiconductor-for-pixel-chips-samsung-loses-key-deal-report" rel="noreferrer noopener">Samsung&#8217;s outdated technology</a>.
Investors can gain exposure to Taiwan Semiconductor through SPDR S&amp;P Emerging Asia Pacific ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GMF#NYSE">GMF</a>) and ProShares Nanotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TINY#NYSE">TINY</a>).
Price Action: TSM stock is down 1.14% at $167.16 at the last check on Tuesday.
Also Read:
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<li><a href="https://www.benzinga.com/news/24/09/40897994/whats-going-on-with-intel-stock-on-tuesday" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Intel Stock On Tuesday?</a></li>
</ul>
Photo by Jack Hong via Shutterstock

Taiwan Semiconductor Fuels Japan's Land Boom With New Chip Plants: Report

According to investors and recent financial reports, the technology sector is experiencing broad weakness despite the buzz around artificial intelligence (AI). Many companies are still struggling with <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40767784/nvidia-microsofts-ai-rally-hides-tech-sectors-underlying-weakness-warn-experts-ther" rel="noreferrer noopener">the recession that started in 2022</a>.
Gaming, Streaming Platform &amp; TV
Seven of the gaming industry&#8217;s biggest names—Epic Games, Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>), Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>), Microsoft Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Activision Blizzard, Mojang Studios,&nbsp;Tencent Holding Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) Supercell, and UbiSoft Entertainment Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UBSFF#OTC">UBSFF</a>) —are facing new accusations from the European Consumer Organisation (BEUC) of deceiving players into <a target="_blank" href="https://www.benzinga.com/general/gaming/24/09/40843191/epic-ea-ubisoft-face-accusations-of-deceit-over-in-game-purchases-eu-complaint-filed" rel="noreferrer noopener">overspending on&nbsp;in-game purchases</a>.
UbiSoft faces pressure from a minority shareholder to go private following the <a target="_blank" href="https://www.benzinga.com/general/gaming/24/09/40801168/ubisoft-is-mismanaged-shareholders-are-hostages-investor-demands-video-game-company-go-private-aft" rel="noreferrer noopener">release of&nbsp;Star Wars Outlaws</a>.
Martyn Ware, co-founder of the synth-pop band Heaven 17, has publicly rejected an offer from&nbsp;Take-Two Interactive Software, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>) Rockstar Games to license the group&#8217;s hit song &#8220;Temptation&#8221; in <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/09/40779329/grand-theft-auto-6-licensing-dispute-martyn-ware-slams-rockstars-extremely-low-7-500-offer" rel="noreferrer noopener">the upcoming&nbsp;Grand Theft Auto 6 (GTA 6)</a>.
Netflix Inc&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>)&nbsp;mobile gaming catalog has surpassed 210 million downloads, marking a notable milestone in the streaming company&#8217;s <a target="_blank" href="https://www.benzinga.com/general/gaming/24/09/40802898/netflix-games-hit-210m-downloads-which-game-took-the-no-1-spot" rel="noreferrer noopener">expansion into the&nbsp;gaming industry</a>.
Microsoft recent overhaul of Xbox Game Pass has brought significant changes to the subscription service, impacting how gamers access <a target="_blank" href="https://www.benzinga.com/24/09/40840369/microsofts-new-xbox-game-pass-tiers-which-games-will-you-lose" rel="noreferrer noopener">some of the industry&#8217;s&nbsp;anticipated titles</a>.
Pay-TV provider DirecTV lodged a complaint against Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>)&nbsp;with the&nbsp;Federal Communications Commission, accusing <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/09/40765624/disney-accused-of-bad-faith-negotiations-by-directv-in-fcc-complaint-ahead-of-trump-harris-" rel="noreferrer noopener">the mouse house of &#8220;bad faith&#8221; negotiations</a>.
Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40808078/directv-and-disneys-couldnt-even-agree-on-bringing-abc-temporarily-back-for-the-trump-harris-debate" rel="noreferrer noopener">DirecTV And Disney&#8217;s Couldn&#8217;t Even Agree On Bringing ABC Temporarily Back For The Trump-Harris Debate</a>
Smartphones
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) introduced the&nbsp;iPhone 16&nbsp;series, which is &#8220;designed for Apple <a target="_blank" href="https://www.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri" rel="noreferrer noopener">Intelligence from the ground up,&#8221;</a>
The&nbsp;iPhone 16&nbsp;series will be powered by&nbsp;ARM&nbsp;Holdings&#8217; (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) latest chip technology, <a target="_blank" href="https://www.benzinga.com/news/24/09/40766753/iphone-16-to-feature-arms-next-gen-ai-chip-technology-what-you-should-know-about-apples-move" rel="noreferrer noopener">designed to improve AI capabilities</a>.
Related: <a target="_blank" href="https://www.benzinga.com/news/24/09/40767418/iphone-16-series-production-data-unveiled-by-top-apple-analyst-9m-to-16m-units-shipments-for-august" rel="noreferrer noopener">iPhone 16 Series Production Data Unveiled By Top Apple Analyst: 9M To 16M Units Shipments For August And September Expected</a>
Apple&nbsp;has commenced the production of its newly launched iPhone 16 series in India, reflecting <a target="_blank" href="https://www.benzinga.com/news/24/09/40826717/apples-iphone-production-move-to-india-signals-broader-tech-exodus-from-china-with-microsoft-and-ama" rel="noreferrer noopener">a broader trend among tech giants</a>.
Apple unveiled the Apple Watch Series 10, featuring <a target="_blank" href="https://www.benzinga.com/news/24/09/40779019/apple-watch-series-10-announced-with-larger-display-thinner-design" rel="noreferrer noopener">a larger display and thinner design</a>. The company also announced the AirPods 4, with the price starting at $129, while the <a target="_blank" href="https://www.benzinga.com/news/24/09/40779374/apple-announces-airpods-4-with-wireless-charging-along-with-a-new-anc-variant-prices-start-at-129" rel="noreferrer noopener">AirPods 4 ANC is priced at $179</a>.
Apple is reportedly in discussions with&nbsp;Micron, Tata Group and other Indian chip manufacturers to procure <a target="_blank" href="https://www.benzinga.com/news/24/09/40785446/apple-in-talks-with-micron-tata-group-to-secure-india-made-chips-for-locally-made-iphones" rel="noreferrer noopener">semiconductors for its locally-produced&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/09/40785446/apple-in-talks-with-micron-tata-group-to-secure-india-made-chips-for-locally-made-iphones" rel="noreferrer noopener">iPhones</a>.
Chinese tech heavyweight&nbsp;Huawei Technologies&#8217;&nbsp;newest tri-fold smartphone, the&nbsp;Mate XT, attracted 1.3 million orders <a target="_blank" href="https://www.benzinga.com/news/24/09/40765746/apples-iphone-16-launch-parade-on-monday-gets-rained-on-by-huawei-chinese-companys-tri-fold-phone-ge" rel="noreferrer noopener">within seven hours of opening reservations</a>.
Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40765900/apple-watch-ultra-3-announcement-unlikely-at-mondays-glowtime-event-says-top-analyst-i-also-wouldnt" rel="noreferrer noopener">Apple Watch Ultra 3 Announcement Unlikely At Monday&#8217;s &#8216;Glowtime&#8217; Event, Says Top Analyst: &#8216;I Also Wouldn&#8217;t Rule Out…&#8217;</a>
Apple seems to have silently phased out its controversial FineWoven iPhone cases, as they are no longer <a target="_blank" href="https://www.benzinga.com/news/24/09/40809459/apple-quietly-phases-out-categorically-terrible-finewoven-iphone-cases-report" rel="noreferrer noopener">available on the company's website</a>.
Technology
Meta Platforms, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>),&nbsp;Snap&nbsp;Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>), and&nbsp;ByteDance-owned&nbsp;TikTok have announced a joint initiative to combat&nbsp;the spread of <a target="_blank" href="https://www.benzinga.com/news/24/09/40846628/meta-snap-and-tiktok-come-together-to-combat-suicide-and-self-harm-content-online-will-share-signals" rel="noreferrer noopener">suicide and&nbsp;self-harm content online</a>.
In a strategic move to enhance its product offerings,&nbsp;Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) is reportedly contemplating the acquisition of certain <a target="_blank" href="https://www.benzinga.com/news/24/09/40745239/apple-supplier-qualcomm-eyes-intel-units-to-bolster-product-line-report" rel="noreferrer noopener">segments of&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/09/40745239/apple-supplier-qualcomm-eyes-intel-units-to-bolster-product-line-report" rel="noreferrer noopener">Intel Corp. </a><a target="_blank" href="https://www.benzinga.com/news/24/09/40745239/apple-supplier-qualcomm-eyes-intel-units-to-bolster-product-line-report" rel="noreferrer noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)</a>.
Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rival&nbsp;Groq&nbsp;announced on Tuesday that it will deploy AI in Saudi Arabia in 2024, in partnership with&nbsp;Aramco Digital, at the ongoing Global <a target="_blank" href="https://www.benzinga.com/news/24/09/40796193/groq-to-deploy-ai-in-saudi-arabia-with-aramco-aims-to-match-2023-microsoft-openai-capacity-by-2025" rel="noreferrer noopener">AI Summit (GAIN) in Riyadh, Saudi Arabia</a>.
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) subsidiary&nbsp;Google&nbsp;underscored the importance of empowering users with fact-check tools amid the rising use of AI, at the third edition of the Global AI Summit <a target="_blank" href="https://www.benzinga.com/news/24/09/40788721/google-underscores-importance-of-empowering-users-with-fact-check-tools-amid-rising-use-of-ai" rel="noreferrer noopener">(GAIN) in Riyadh, Saudi Arabia</a>.
In response to a global IT outage triggered by a faulty software update,&nbsp;Microsoft has announced <a target="_blank" href="https://www.benzinga.com//node/40791329" rel="noreferrer noopener">plans to host a cybersecurity summit</a>.
Microsoft has reportedly laid off 650 employees in its gaming division, months after the company laid off 1,900 employees following its&nbsp;$68.7 <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40829756/microsoft-cuts-650-xbox-jobs-amid-restructuring-following-activision-blizzard-deal-report" rel="noreferrer noopener">billion acquisition&nbsp;of&nbsp;</a><a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40829756/microsoft-cuts-650-xbox-jobs-amid-restructuring-following-activision-blizzard-deal-report" rel="noreferrer noopener">Activision Blizzard</a>.
Samsung Electronics&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) instructed its global subsidiaries to decrease sales and marketing staff by around 15% <a target="_blank" href="https://www.benzinga.com/news/24/09/40812318/samsung-to-reportedly-slash-global-workforce-by-up-to-30-in-certain-divisions-amid-intense-competiti" rel="noreferrer noopener">and administrative staff by up to 30%</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40826639/mark-zuckerberg-live-event-sold-out-stadium-meta-ceo-attracted-thousands-eager-to-hear-him-speak-on" rel="noreferrer noopener">Mark Zuckerberg Live Event Sold Out Stadium: Meta CEO Attracted Thousands Eager To Hear Him Speak On &#8216;The Next Decade Of Social, Technology, And AI&#8217;</a>
Elon Musk
Tesla&nbsp;and&nbsp;SpaceX&nbsp;CEO&nbsp;Elon Musk&nbsp;has expressed his astonishment at&nbsp;YouTube&#8217;s&nbsp;decision to restrict teenagers&#8217;&nbsp;access <a target="_blank" href="https://www.benzinga.com/news/24/09/40766389/elon-musk-expresses-disbelief-over-youtubes-restriction-on-fitness-videos-for-teens-globally-serious" rel="noreferrer noopener">to certain health and&nbsp;fitness videos</a>.
Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40784773/elon-musk-liked-the-camera-on-iphone-15-but-iphone-16-doesnt-get-much-love-from-the-techno-king-here" rel="noreferrer noopener">Elon Musk Liked The Camera On iPhone 15, But iPhone 16 Doesn&#8217;t Get Much Love From The Techno King: Here&#8217;s What He Said</a>
Musk revealed that Tesla's Dojo 2 supercomputer should be&nbsp;in volume production by the&nbsp;end of 2025. The tech mogul expressed confidence in Dojo's potential but noted that its true capabilities would only be known after the third <a target="_blank" href="https://www.benzinga.com/news/24/09/40787336/elon-musk-reveals-timeline-for-teslas-dojo-supercomputer-upgrade-comparable-to-a-nvidia-b200-type-sy" rel="noreferrer noopener">major iteration, expected in late 2026</a>.
Artificial Intelligence
OpenAI,&nbsp;the AI research lab,&nbsp;has launched a new model, ‘o1', which is the first in a series of "reasoning" models. This model can answer complex questions faster than a human. The company has also introduced a <a target="_blank" href="https://www.benzinga.com/top-stories/24/09/40842891/openai-unveils-o1-model-a-step-closer-to-human-like-ai-but-not-without-flaws" rel="noreferrer noopener">smaller, more affordable version, ‘o1-mini'</a>.
ChatGPT-parent&nbsp;OpenAI&nbsp;is reportedly in discussion to raise $6.5 billion in equity financing, which <a target="_blank" href="https://www.benzinga.com/news/24/09/40825072/openais-valuation-could-skyrocket-to-150b-in-new-fundraising-positioning-it-among-the-worlds-most-va" rel="noreferrer noopener">could&nbsp;bring its valuation&nbsp;to $150 billion</a>.
OpenAI CEO&nbsp;Sam Altman faced backlash from&nbsp;ChatGPT&nbsp;subscribers after he responded to a user's<a target="_blank" href="https://www.benzinga.com/news/24/09/40846309/sam-altman-wants-chatgpt-users-to-have-gratitude-for-magic-intelligence-in-the-sky-after-they-ask-ab" rel="noreferrer noopener"> question about&nbsp;new voice features</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40825968/bipartisan-coalition-of-42-state-ags-urges-congress-to-mandate-surgeon-general-warnings-on-social-me" rel="noreferrer noopener">Bipartisan Coalition Of 42 State AGs Urges Congress To Mandate Surgeon General Warnings On Social Media Apps Like TikTok, X, And Meta&#8217;s Instagram To Address Growing Mental Health Concerns</a>
Google's artificial intelligence model,&nbsp;PaLM2, has come under the radar of Europe's privacy watchdog over concerns <a target="_blank" href="https://www.benzinga.com/news/24/09/40824870/google-ai-model-palm2-under-probe-for-data-regulations-breach-by-european-privacy-watchdog" rel="noreferrer noopener">related to the handling of personal data</a>.
Mark Cuban, the&nbsp;billionaire entrepreneur&nbsp;and&nbsp;part-owner of the&nbsp;Dallas Mavericks, has publicly praised&nbsp;Elon Musk&#8217;s AI chatbot,&nbsp;Grok, to Vice President&nbsp;Kamala Harris&#8217; immigration <a target="_blank" href="https://www.benzinga.com/news/24/09/40767860/mark-cuban-praises-elon-musks-ai-chatbot-grok-for-answering-kamala-harris-pov-on-immigration-i-think" rel="noreferrer noopener">viewpoint, terming it as &#8220;accurate&#8221;</a>.

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Consumer Tech News (Sep 8-Sep 14): Gaming Industry Biggies Facing Accusations For Decieving Players, Apple Launches iPhone 16 & More

Google looks to dump Samsung Foundry for Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) <a href="https://www.benzinga.com/topic/semiconductors">by 2025</a>.
What Happened: Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) owns Samsung Foundry. The company lost a critical Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google smartphone deal to rival Taiwan Semiconductor due to Samsung&#8217;s outdated FO-PLP (fan-out panel-level packaging) technology, TechNode <a href="https://technode.com/2024/09/12/googles-tensor-g6-processor-may-use-tsmcs-2nm-process/" target="_blank" rel="noreferrer noopener">reports</a>.
Taiwan Semiconductor will manufacture Pixel 10&#8217;s Tensor G5 using its 3nm process and the Pixel 11 series&#8217; Tensor G6 using the 2nm process.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12060643/newplot-9.png" alt="" class="wp-image-544160" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12060643/newplot-9.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12060643/newplot-9-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Also Read: <a href="https://www.benzinga.com/government/24/09/40813281/amazon-aws-to-invest-11b-in-uk-support-14k-jobs-annually" target="_blank" rel="noreferrer noopener">Amazon AWS To Invest $11B in UK, Support 14K Jobs Annually</a>
Why It Matters: Samsung Foundry currently manufactures the Pixel 8&#8217;s Tensor G4 with its 4nm process.
Samsung collaborated with Taiwan Semiconductor to develop the bufferless high-bandwidth memory 4 (HBM4) AI chip for customers like Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Google, TechNode <a target="_blank" href="https://technode.com/2024/09/10/samsung-and-tsmc-to-co-develop-hbm4-ai-chip-mass-production-expected-in-2025/" rel="noreferrer noopener">cites</a> Dan Kochpatcharin, Taiwan Semiconductor&#8217;s head of Ecosystem and Alliance Management during the Semicon Taiwan 2024 forum. The contract chipmakers proposed commercializing the new chip in the second half of 2025.
Taiwan Semiconductor reported 33% topline growth <a target="_blank" href="https://www.benzinga.com/news/24/09/40790997/taiwan-semiconductors-strong-august-sales-hint-at-big-gains-ahead-ai-and-iphone-demand-fuel-optimism" rel="noreferrer noopener">in August 2024</a>, signaling optimism over the smartphone market recovery and continued demand for&nbsp;Nvidia AI chips. Taiwan Semiconductor stock is up over 88% in the last 12 months.
Analysts are projecting further upside for Taiwan Semiconductor and Nvidia, citing Big Tech&#8217;s AI ambitions as key drivers. Alphabet stock is up 12% in the last 12 months.
Price Actions: TSM stock is up 0.16% at $170.50 premarket at last check Thursday. GOOG stock is up 1.06% at $153.77.
Read Next:
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Image: Shutterstock

Google Picks Taiwan Semiconductor For Pixel Chips, Samsung Loses Key Deal: Report

Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>), the world&#8217;s top producer of smartphones, TVs, and memory chips, is reportedly planning to reduce its overseas workforce in some divisions by up to 30%. The South Korea-based tech giant has instructed its global subsidiaries to decrease sales and marketing staff by around 15% and administrative staff by up to 30%.
What Happened: The job reductions, expected to be executed by the end of the year, will impact jobs across the Americas, Europe, Asia, and Africa, Reuters reported on Wednesday. However, the exact number of employees to be laid off and the countries and business units to be most affected remain uncertain. Samsung clarified that these workforce adjustments are routine and aimed at improving efficiency, with no specific targets and no impact on production staff.
As of 2023&#8217;s end, Samsung had a total of 267,800 employees, with over half, or 147,000 employees, based overseas. The company&#8217;s India operation, which employs around 25,000 people, could see up to 1,000 job cuts. In China, about 30% of the sales operation workforce is expected to be affected.
Samsung has yet to respond to Benzinga&#8217;s queries.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40787302/nvidia-shares-riding-on-huge-ai-tailwind-says-portfolio-strategist-why-expert-says-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Shares Riding On Huge AI Tailwind, Says Portfolio Strategist: Why Expert Says Stock Will Stay On An Upward Path For Next 2-3 Years</a>
Why It Matters: The job cuts come at a time when Samsung is grappling with mounting pressure on its key units. Its chip business has been slower than its rivals in bouncing back from an industry slump that pushed its profit to a 15-year low last year. In the premium smartphone market, Samsung is facing fierce competition from Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)and China&#8217;s Huawei. The job cuts are viewed as a strategy to brace for a slowdown in global demand for tech products and to strengthen its bottom line by cutting costs.
These layoffs follow recent reports of declining sales and<a href="https://in.benzinga.com/content/40807829/samsung-india-plans-layoffs-amid-declining-sales-and-intensifying-market-competition-report"> intensifying market competition</a> in India, where the company&#8217;s value and volume market share have hit their lowest in a decade, prompting the company to reportedly gear up for layoffs. Additionally, earlier this year, employees at Samsung Electronics initiated a <a href="https://www.benzinga.com/markets/equities/24/07/39662573/samsung-workers-walk-out-demand-pay-raise-and-leave-report">three-day strike</a> demanding better pay, warning of additional actions if their demands were not met.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40743718/mark-cuban-says-kamala-harris-is-simply-doing-what-trump-did-in-2016-its-her-party-she-gets-to-set-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Says Kamala Harris Is Simply Doing What Trump Did In 2016: &#8216;It&#8217;s Her Party. She Gets To Set The Rules&#8217;</a></li>
</ul>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

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