星期六

SAMSUNG ELECTRONICS Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $146.1B (Est. $149.3B) 🔴; +127% YoY 🔹 Oper Profit: $80.4B (Est. $81.4B) 🔴; +783% YoY 🔹 Net Profit: $56.2B (Est. $64.9B) 🔴; +515% YoY 🔹 EPS: $8.58 (Est. $10.21) 🔴; +536% YoY 🔹 Oper Margin: 55.0%; +4,090 bps YoY 🔹 QoQ: Revenue +14% / Oper Profit +20% 🔸 First tech company to top ₩100T in quarterly operating profit 🔸 Revenue and operating profit were pre-announced Oct 8 Q4 Guide: 🔹 DRAM Bit Growth: +mid-to-high teens% QoQ 🔹 NAND Bit Growth: +mid-teens% QoQ Q3 Pricing & Volume: 🔹 DRAM ASP: ~+20% QoQ; bits +low-to-mid single% 🔹 NAND ASP: +high-teens% QoQ; bits +mid-single% Segments (Revenue / Oper Profit): 🔹 Chips: $110.1B / $79.7B; 72% margin 🔹 Memory Revenue: $105.3B; +427% YoY 🔹 Phones, TVs & Appliances: $39.0B / -$0.6B 🔹 Display: $6.0B / $0.8B 🔹 Harman: $3.2B / $0.4B Cash & CapEx: 🔹 Net Cash: $147.9B 🔹 Q3 CapEx: $21.7B; +215% YoY 🔹 2026 CapEx: ~$63.2B; +60% YoY Earnings Call Highlights: 🔹 Multi-Year Contracts: Signed with 10 major accounts; in talks with 10 more, several near the final phase 🔹 Target: 60-70% of mid- to long-term capacity under multi-year contracts 🔹 Memory: Tight supply expected to continue into 2028 🔹 HBM: 2027 supply already sold out; HBM4 sales up 3x+ QoQ, now 60% of HBM sales 🔹 2027: Positioned for another year of record results, driven by chips Shareholder Returns: 🔹 Q3 Dividend: ₩4,601/share (~$3.44); ₩30T (~$22.5B) total 🔹 2026 Returns: ₩90-110T (~$67-82B); ₩35T done or planned; remaining ₩55-75T (~$41-56B) incl. a substantial buyback & cancellation 🔸 Final 2026 amount and next return policy at a late-January 2027 board meeting Note: 🔸 Weaker USD/EUR cut operating profit by ~₩10T (~$7.5B) vs Q2 🔸 Net profit includes a ₩9.5T (~$7.1B) net finance loss, vs a ₩4.7T gain in Q2 FX used for USD conversion: $1 = ₩1,336 (mid-market; Oct 29, 2026)

Announcing Artificial Analysis Intelligence Index v5, featuring 2 new benchmarks and 3 upgrades. For the first time, the majority of the Index is built on private datasets The Artificial Analysis Intelligence Index is our composite measure of model capabilities across tasks reflecting real-world usage today. v5 is our biggest upgrade since v4 launched in January. With v5, 60% of the Index is now based on evaluations with private test sets or held-out answers. Alongside Intelligence Index v5, we’re launching the Artificial Analysis Progress Index v1, which tracks model capability over time on one continuous scale. New to the Intelligence Index: ➤ FrontierCode 2.0: Cognition's newly-launched private benchmark of real-world coding tasks, graded on whether a repository maintainer would merge the agent's change ➤ Terminal-Bench-Science: 70 agentic scientific research tasks, run in a terminal environment Upgraded: ➤ HLE-Diamond (replacing Humanity's Last Exam): a refined 1,000-question version of Humanity's Last Exam, split evenly between reasoning and knowledge questions ➤ AA-Omniscience v1.1: An updated dataset with saturated and public set questions removed, new questions added, and ambiguous or erroneous questions revised ➤ CritPt v2: a private, 40-question hard subset of CritPt v2, revised by the CritPt authors and run with a code-execution tool Staying in the Index: AA-Briefcase, AutomationBench-AA, GDP.pdf and Terminal-Bench 4.0 Removed from the Index: GDPval-AA v2.1, SciCode, and AA-LCR v1.1 Key results: ➤ Claude Opus 5.5 (max) leads at 58, ahead of GPT-6 Astra (max, 57) and GPT-6.1 Sol (max, 55): Anthropic and OpenAI hold the top five models. Gemini 4 Argon (high) is next at 50 ➤ The open weights gap widens from 3 points to 12: Kimi K3.1 Pro (weights not yet released) is the top open weights model at 46. Among released weights, DeepSeek V4.1 Flash 1017 (max) and GLM-5.3 (max) lead at 32 - 26 points behind the leader and below Claude Haiku 5.5 (max, 36) ➤ Cost per task varies by more than 13x among the leading models: of the 10 highest-scoring models shown, GPT-6.1 Terra (max) is the cheapest at $0.96 per Intelligence Index task and Claude Fable 5.1 (max) the most expensive at $13.04

BREAKING: Google, $GOOGL, earnings: - EPS: $2.12, est: $3.01 - Revenue: $127.5 billion, est: $127.9 billion

OPENAI REPORTEDLY PLANS TO BUY GOOGLE AI CHIPS OpenAI plans to purchase AI chips from Google ($GOOGL), according to The Information, citing a person familiar with the matter. Financial terms and the size of the potential deal were not disclosed. Reuters has not independently verified the report.