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Samsung's Surging Profits Fail to Mask Underlying Concerns, as Stock Plunge Drags KOSPI Index Down 6%

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Golden Finance reported that on July 7, Samsung Electronics released its preliminary second-quarter results this morning. Operating profit surged 19 times year over year, exceeding the total profit of the past three years. Specifically, Samsung forecast second-quarter operating profit of 89.4 trillion won (up 1810.2% year over year), while the market expected 87.3 trillion won. However, the company’s share price fell sharply because the results failed to ease market concerns about the sustainability of the AI-driven chip boom. Samsung’s stock plunged more than 8% at one point in early trading, while competitor SK hynix also fell 7.3%, dragging the Korean KOSPI index down by 6%. Analysts attributed Samsung’s weak share price performance to some investors’ overly high expectations—after accounting for employee bonus provisions, profits potentially boosted by record high memory chip prices might have exceeded 90 trillion won; in addition, the market also worries that construction of AI data centers may slow down. Albert Yong, managing partner at Petra Capital Management, said: “Samsung’s strong performance had long been widely expected by the market and was basically digested in the stock price rally before the earnings release. Investors still worry about the sustainability of the AI boom, as well as the risk that U.S. major tech companies’ spending on AI infrastructure may slow down.” (Jinshi)
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