Recently Yahoo New on-line picked up the following:
Samsung’s sudden $122 billion wipeout shows the cost of
sleeping on AI
Youkyung Lee and Yoolim Lee
Updated Wed, October 30, 2024 at 10:35 p.m. GMT+8·4 min read
(Bloomberg) — Just a few months ago, Samsung Electronics Co.
(SSNLF, 005930.KS) looked primed to benefit from the global AI boom: profits
were surging and its stock was rising toward an all-time high.
Now, South Korea’s biggest company has become a stark
example of how quickly fortunes can turn in an industry where the spoils go to
those who maintain a technological edge.
As concerns mount that the company is losing out to smaller rival SK Hynix Inc. (000660.KS, HXSCL) in AI memory and failing to gain on Taiwan Semiconductor Manufacturing Co. (TSM, 2330.TW) in outsourced chipmaking, Samsung shares have tumbled 32% from this year’s peak on July 9. The company has lost $122 billion of market value in that span, more than any other chipmaker worldwide.
“We have more than halved our position in Samsung over the last few months — it was the largest position in our strategy in July,” said Sat Duhra, a portfolio manager at Janus Henderson Investors SP in Singapore. While Duhra said the shares have fallen to an attractive valuation, he has “no intention” to buy them for now.
Fading fast
The company’s story highlights how AI is the key factor minting winners and losers in today’s chip sector. While foreign investors have led an exodus from Samsung, Nvidia Corp. has become one of the world’s largest companies. TSMC, the key maker of chips designed by Nvidia (NVDA) and Apple Inc. (AAPL), has added over $330 billion in market value this year.
Things went south for Samsung quickly. Its stock flirted with a record high after it posted a 15-fold surge in operating profit for the June quarter. As recently as August, investors were optimistic it could win more business supplying Nvidia with high-bandwidth memory to work alongside AI processors.
That hope has been snuffed out with the company admitting delays with its latest-generation HBM chips in early October, soon after SK Hynix said it had begun volume production. Meanwhile, US rival Micron Technology Inc. is stepping up efforts in HBM as well, and has reported strong demand for its offerings.
Samsung is “losing its technology leadership in the
semiconductor business,” said Young Jae Lee, London-based senior investment
manager of the global emerging markets high-dividend team at Pictet Asset
Management. “Technology leadership is difficult to regain in the short term by
nature,” he said, adding that the firm has been reducing its Samsung holding.
Management Woes
Beyond its lag in AI memory, Samsung has struggled with a
costly, yearslong effort to close the gap with TSMC in foundry business. Like
Intel Corp. — which has run into similar difficulty with plans to expand its
outsourced chipmaking operations — the Korean firm is now moving to cut jobs
and make other efforts to stop the bleeding.
Samsung is holding a conference call on Thursday after it releases detailed third-quarter earnings. Among points to watch is an expected management reshuffle before the end of the year, amid ongoing uncertainty over company leadership.
Jay Y. Lee — a grandson of Samsung’s founder who was appointed executive chairman two years ago — was acquitted of stock manipulation charges in February after years of legal issues. Three months later, the company unexpectedly replaced its semiconductor division head with Jun Young-hyun, a memory chip veteran.
Management may have its work cut out for it in trying to win back investors, even with stock valuations near a record low and technical indicators flashing oversold signals.
“We don’t see much is changing with the Samsung executives and engineers are leaving the company,” said Park Jinho, head of equity investment at NH-Amundi Asset Management Co. in Seoul. Park reduced Samsung to underweight from neutral at the end of the second quarter and added SK Hynix instead.
Translation
三星突然損失
1,220 億美元，顯示了對AI睡着的代價
（彭博）— 僅僅是幾個月前，三星電子公司（SSNLF，005930.KS）似乎準備好從全球人工智慧熱潮中受益：利潤飆升，股價也升至歷史新高。
現在，這家韓國最大的公司已經成為一個鮮明的例子，說明在一個從保持技術優而勢獲利的行業裡，財富的轉變有多快。
由於人們越來越擔心該公司在人工智慧記憶體領域輸給規模較小的競爭對手SK Hynix Inc.（000660.KS，HXSCL），並且在外包晶片製造方面未能戰勝台積電（TSM，2330.TW） ，三星股價較 7 月 9 日的今年高峰下跌了 32%。在此期間，該公司的市值損失了 1,220 億美元，比全球任何其他晶片製造商都要大。
三星已承諾進行徹底改革以恢復競爭力，但包括 Pictet Asset Management Ltd. 和 Janus Henderson Investors SP Ltd. 在內的國際基金管理公司並不相信扭轉局面即將到來。自7月底以來，海外投資者已淨售出這家韓國公司價值約107億美元的股票。
新加坡 Janus Henderson Investors SP 的投資組合經理 Sat Duhra 表示：“過去幾個月，我們將三星的定位減少了一半以上，7 月它是我們份策略中最大的定位。”儘管Duhra表示，這些股票的估值已跌至有吸引力的水平，但他目前「無意」購買這些股票。
迅速消褪
智慧型手機和其他消費性電子產品仍然佔據三星銷售額的最大份額，但半導體近年來一直貢獻著最大的利潤。由於晶片業務最近陷入危機，這家總部位於Suwon的公司本月早些時候罕見地就令人失望的業績向投資者致歉。
該公司的故事凸顯了人工智慧如何成為當今晶片產業贏家和輸家的關鍵因素。當外國投資者紛紛撤離三星之際，英偉達公司已成為全球最大的公司之一。台積電是英偉達 (NVDA) 和蘋果公司 (AAPL) 設計的晶片的主要製造商，今年市值增加了超過 3,300 億美元。
三星的情況很快就惡化了。在公佈第二季營業利潤飆升 15 倍後，該公司股價一度創下歷史新高。就在 8 月份，投資人也樂觀地認為，它可以贏得更多為 Nvidia 提供高頻寬記憶體以與人工智慧處理器配合使用的生意。
在 SK Hynix表示已開始批量生產後不久，該公司於 10 月初承認其最新一代 HBM 晶片的延遲推出，這一贏得更多生意的希望破滅。同時，美國競爭對手Micron Technology Inc. 也在增加 HBM 業務的力度，並報告稱其產品需求強勁。
Pictet資產管理公司 的全球新興市場高股息團隊駐倫敦高級投資經理 Young Jae Lee 表示，三星正在「失去在半導體業務的技術領先地位」。他表示：「本質上，短期內很難重新獲得技術領先地位」; 並補充說該公司一直在減持三星股份。
管理的困境
除了在人工智慧記憶體方面的落後之外，三星多年來一直在付出昂貴的代價來縮小與台積電在代工業務方面的差距。與英特爾公司一樣 - 該公司在擴大其外包晶片製造業務的計劃中也遇到了類似的困難 - 這家韓國公司現在正採取裁員措施並用其他方法來止血。
三星將在周四發布詳細的第三季財報後會召開電話會議。值得關注的一點是，面对公司領導層持續存在不確定性，管理層預計將在年底前進行改組。
兩年前被任命為執行董事長的三星創始人的孫子Jay Y. Lee 在經歷多年的法律問題後，就股票操縱的指控於 2 月被判無罪。三個月後，該公司出人意料地用記憶體晶片資深人士 Jun Young-hyun 取代了半導體部門負責人。
即使股票估值接近歷史低點, 兼且技術指標閃出股票超賣訊號，管理層在試圖贏回投資者方面可能仍面臨艱鉅的任務。
首爾
NH-Amundi 資產管理公司股權投資主管
Park Jinho 表示：“我們認為三星高管和工程師離開公司並沒對有公司產生太大變化。”
Park 在第二季末將三星的持股比例從 “中立” 下調至 “減持” ，並改為增持
SK Hynix。
So, just a few months ago, Samsung Electronics
Co. was benefited by the global AI boom: profits were surging and its stock was
rising toward an all-time high. Now, this company has become a stark example of
how quickly fortunes can turn. Apparently, fortune can come
and go very easily at a short period in the chipmaking business.
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