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we begin today with samsung electronics. it s forecasting a likely 96% plunge in first quarter operating profits. in a preliminary earnings report, the world s largest memory chip and tv manufacturer estimated its operating profit fell to $455 million for the first three months of the year. samsung electronics is going to release its full earnings later this month. katie silver sent this report from the bbc s asia business hub in singapore. in its preliminary estimates, samsung says its operating profits fell by about $450 million in the january march period this year, when compared to the same time the previous year. now demand for memory chips ramped up during covid lockdowns as consumers bought new electronics to use at home think new phones, computers, those expensive smart washing machines all of those use a lot of chips. but with fears of an economic recession looming, consumers are buying fewer tech devices, reducing demand for chips and, as a result, the com ....
President Joe Biden announced that the Department of Commerce has reached a preliminary agreement with Micron Technology, Inc. to provide $6. 14 billion in direct funding under the CHIPS and Science Act. ....
Western Digital: Japan s powerful industry ministry aims to reclaim the country s lost position as a major chip centre by extending subsidies to domestic and foreign chipmakers and secure chip supply amid trade tensions between China and the United States. ....
The proposed "semiconductor mega cluster" will stretch across 8.1 square miles, from Pyeongtaek to Yongin, and boasts a substantial investment of 622 trillion won. ....
Reducing demand for chips and, as a result, the companies that make these goods are just using the inventory they already have. so to counter this, samsung says it s going to cut production to keep the prices high and this has caused the firm s share to jump more than 4%. samsung, which also uses its own chips in its own televisions, tablets, smartphones, had resisted the move to cut memory chip production compared to what its competitors were doing and indeed analysts say this decision is quite rare. just last month, for example, it had announced plans to invest $230 billion over 20 years to develop a mega semiconductor hub for making chips in south korea. investors are hopeful that today s decision marks the start of the end of the crazy highs and lows of the semiconductor industry and that soon, purchasing and production will all start to look a little more normal. next to the jobs market in the world s biggest economy. ....