SpaceX Stock Rebounds After Sharp Selloff, But Valuation Concerns Persist 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
KPMG Australia Chairman and Senior Partners Exit Amid Escalating Whistleblower Scandal 
Doncasters Raises $919 Million in NYSE IPO as Aerospace Growth Accelerates 
Wall Street Slides as AI Stocks Tumble Following South Korea Tech Sell-Off 
WiseTech Global Denies Knowledge of Investigation Into Founder Richard White 
DOJ Opens Investigation Into NYC Coffee Shop Over Anti-Goldman Social Media Post 
Micron Stock Surges on Strong AI Demand, Record Revenue, and Bullish Q4 Forecast 
Samsung Electronics Stock Surges on Report of Massive $59 Billion Share Buyback Plan 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
Alphabet Replaces Verizon in Dow Jones Industrial Average 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
Ryan Cohen Rejects GameStop Pay Package, Prepares New eBay Acquisition Plan 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Singapore Inflation Stays Muted in May as Core CPI Misses Forecasts Ahead of MAS Review 
Samsung Electronics has struck a deal with Nvidia, IBM, Qualcomm, and Baidu for the supply of semiconductors. The South Korean memory chipmaker will be producing 3-nanometer process nodes for them.
With the new deals with some of the leading tech firms, Samsung is hoping to outdo its rival TSMC amid the fierce competition in the chip market. Aside from the mentioned companies, Samsung will make the same chip type for other clients as well.
On Tuesday, sources said that the world’s largest chip producer is jointly developing cutting-edge chips with five to six fabless partners for large quantity supply requirements that are needed to be delivered as early as 2024, according to The Korea Economic Daily.
Samsung Electronics will be making use of its 3 nm technology to make graphics processing units or GPUs for the software company, Nvidia and central processing units (CPUs) for IBM. For Qualcomm, the company will make smartphone application processors, and Baidu is requiring artificial intelligence chips that are used in cloud data centers.
It was reported that the major tech firms picked Samsung to be their consignment producer after looking into its 3-nanometer process technology. They also considered their need to have several suppliers, so it was the best choice.
Business observers said that Samsung is relying on its 3 nm technology to outdo the Taiwanese chipmaker, Taiwan Semiconductor Manufacturing Co., in terms of contracts in the industry. This is because Samsung may be the top player in the memory chip industry in the world, but when it comes to the contract manufacturing business, it is only No. 2 behind TSMC. Currently, the Taiwanese semiconductor giant dominates more than half of the foundry market, globally.
Meanwhile, Samsung Electronics owns and operates contract chipmaking facilities in five territories worldwide. These are located in Austin, Texas; Giheung, South Korea; Hwaseong, Pyeongtaek; and Taylor, Texas.
Babak Habibi/Unsplash
