The focus on HBM shows how important the current AI boom is to the entire electronics hardware sector.

Generative AI is very hungry for high-bandwidth memory.

But if that sector slows, the demand could quickly dry up. Samsung says it has the highest HBM capacity in the industry. That’s a big deal, and takes its memory strategy past simple commodity DRAM.

생성형 인공지능 부문에서 고대역폭 메모리 소비가 엄청나며, 이 산업에 있어 가장 핵심임. 다만, 이 수요는 성장 둔화 시 급격하게 감소할 수 있음. 동사는 고대역폭 메모리 부문에 전력을 다하고 있음.

“We expect

the recovery trend in the memory market to accelerate

,”.

Cloud capex for generative AI demand is strong and purchasing activity is noticeable.

Samsung’s suggesting that

demand for

its advanced products is the

most reliable and inelastic

-- which would align with what Debby said about governments around the world all chasing those cutting-edge parts.

동사는 최첨단의 진보 된 기술에 공급되는 제품만 신뢰할 수 있고 가격 비탄력적으로 여기며 이곳에 집중할 것이라 이해할 수 있겠음.

Samsung is pushing HBM3/3E and

planning to expand capacity of HBM by

2.5 times

next year.

One major takeaway from today’s call: if you’re building your own PC, now’s the time to buy the memory and storage for it.

Prices are unlikely to decline again for a while.

개인용 컴퓨터를 구입하고 싶다면, 지금이 좋은 시기로 보임. 동사의 투자자 설명은 주요 제품 가격이 당분간 다시 하락하기 어려울 것이란 인상을 줌.

The key takeaways from Samsung’s third-quarter earnings and briefing for analysts.

BOJ Keeps 1% Ceiling for Longer Yields.

Powell Hints Fed Is Done With Hikes in Pivot Cheered by Markets.

The happy warrior

Fed Chair Powell sounded quite pleased with the effort to bring down inflation, where he saw “pretty significant progress.” Inflation expectations “are in a good place,” which is “critical to winning the battle.” Wage inflation has “come down significantly,” and he added: “I feel good about that”.

While hikes remain on the table, the message is gradually changing as risks are becoming “more two-sided”.

In any event, we continue to see the Fed on hold at the next meeting and on through the first half of next year.

- J.P.Morgan

US equity futures pointed to an extension of Wednesday’s gains on Wall Street as Asian stocks headed for their biggest gain in almost four months.

Apple

4Q Rev. $89.50B, Est. $89.35B
Apple 4Q iPhone Revenue $43.81B, Est. $43.73B
Apple 4Q Greater China Rev. $15.08B, Est. $17.01B

MASSIVE miss in China on Apple, coming in at about $2 billion less than Wall Street had expected.

Another HUGE miss on Mac, coming in at about $1 billion below expectations. It’s no wonder Apple pulled every lever it could to get the M3 MacBook Pro and iMac out the door during the holiday quarter.

Apple Inc. sales declined for a fourth straight quarter, marking the longest slowdown since 2001, as the company struggles with sluggish demand and a shaky smartphone market in China. 

Key.

• Revenue declined for a fourth quarter to $89.5 billion
• The company’s iPhone revenue topped estimates at $43.8 billion
• Services sales gained 16% to $22.3 billion
• Apple’s business in China fell short of estimates

Here’s the guidance:

• December quarter revenue to be about the same as last year.
• iPhone revenue to grow year-over-year.
• iPad and wearables to drop significantly due to weaker Watch and AirPods updates.
• Mac sales to accelerate.

US job growth moderated in October by more than expected and the unemployment rate rose to an almost two-year high, marking

a step down from the heated hiring pace

this summer.

Bottom-line: 고용에 대한 경제 지표가 발표 된 뒤, 미국 30년 만기 국채 수익률의 3일 변동이 2020년 바이러스 대확산 이후 가장 큰 폭으로 하락함. 또한 이 지표 발표 전 내년 7월 첫 금리인하를 책정했던 금리선물시장은 현재, 내년 6월에 중앙은행이 첫 금리인하를 시행할 것으로 앞당겨 반영하고 있음.

Treasuries rallied, with 30-year yields heading for their biggest three-day decline since the onset of the pandemic in 2020, as signs of softening US labor data fueled speculation that the Federal Reserve is done hiking interest rates. Interest-rate derivatives show traders see only a 25% chance of another Fed rate hike by January, and

have fully priced in a cut by June

. Before the job report, traders had expected the first interest-rate cut in July.