Samsung Electronics saw net profit rise sixfold in Q2, surging 46 percent — to $7.11 billion — compared to Q1. The buoyant results for the South Korean electronics manufacturer were driven by its semiconductor business and the demand for advanced chips needed to fuel the global boom in artificial intelligence. Although the company is the world’s top smartphone manufacturer, more than half of the quarter’s operating profit came from chip-making for the latest reporting period. Revenue for the April through June quarter resulted in a 23.42 percent increase year-over-year, while profit soared 1,458 percent. Continue reading Demand for Advanced Semiconductors Drives Samsung Profits

The U.S. saw record Cyber Monday sales, with shoppers dropping $12.4 billion, according to Adobe Analytics, which tracked roughly 1 trillion retail website visits resulting in purchases of more than 100 million products. Top-selling items included Hot Wheels toys, Microsoft’s Xbox Series X game console, televisions and small kitchen appliances. Spending was up by 9.6 percent over last year’s event, according to Adobe, which crowned Cyber Monday 2023 “the biggest online shopping day of all time.” Although consumers continue to fret about the economy, sales were propelled by discounts and offers to “buy now, pay later.” Continue reading Cyber Monday Marks Biggest U.S. Online Shopping Day Ever

The Federal Communications Commission has adopted new rules prohibiting the U.S. sale of certain telecommunications and surveillance devices manufactured by Chinese companies. In a move to shore up national security, the move blocks equipment deemed to pose an unacceptable risk from receiving import authorization. In recent years, the government has taken various actions to secure the U.S. supply chain for communications equipment and services. “These new rules are an important part of our ongoing actions to protect the American people from national security threats involving telecommunications,” FCC chairwoman Jessica Rosenworcel said. Continue reading FCC Adds Rules Blocking the Sale of Devices Made in China

Digital Black Friday shopping was brisk, with a record $9.12 billion spent, according to Adobe. Online sales were up 2.3 percent year-over-year for Friday, November 25, the day after Thanksgiving. Also a hit, Buy Now Pay Later payments increased by a whopping 78 percent over the prior week, beginning November 19, with inflationary pressures seeming to drive that pattern. Adobe tracks transactions on retail websites. Total seasonal revenue is estimated to top-out at $209 billion, Adobe says, noting that Cyber Monday alone accounted for $11.3 billion. U.S. consumers also spent more time and money shopping in stores on Black Friday than they did the same day last year. Continue reading Report: 2022 Online Sales Sets Another Record, Says Adobe

Tech items are making the list this holiday season, with the Consumer Technology Association’s annual shoppers survey forecasting a record-breaking 78 percent of U.S. adults — nearly 199 million people — will purchase devices and related services this season. Streaming services, headphones and earbuds, mobile cases, smartphones and game consoles top the trade organization’s survey, the 2022 Hot Tech Holiday Preview. The seasonal projection marks a 4 percent increase over last year. The 78 percent of American shoppers who intend to purchase tech gifts in the coming months will spend an estimated $145 billion. Continue reading CTA: Streaming Services Will Be Focus for Holiday Shoppers

The MotorTrend Group, a division of Warner Bros. Discovery, has joined forces with Samsung TV Plus to launch the MotorTrend FAST TV channel in the U.S. and Canada. The free ad-supported MotorTrend VOD offering marks WBD’s move into the entertainment FAST lane. The service will feature automotive and lifestyle content from a library curated since 2002, when Discovery began acquiring related programming, eventually launching the Velocity cable channel in 2011, rebranded as MotorTrend in 2018. MotorTrend’s David Freiburger and Mike Finnegan — authorities on novelty cars — are expected to be the mainstay of the new service’s weekend programming. Continue reading WBD Teams with Samsung TV on FAST MotorTrend Channel

The Biden administration is acting to limit China’s rapid military progress by banning shipments of advanced chips and the production tools needed to make them. This is in response to signs that China is using AI and supercomputing to develop hypersonic weapons and systems that may be able to crack highly encrypted messaging. The new rules, which extend to foreign companies using relevant U.S. technology, have already begun taking effect. But companies including Intel, Samsung, TSMC and SK Hynix have reportedly received limited exemptions allowing them to continue shipping to some factories there. Continue reading U.S. Aims to Slow China Tech Progress with Chip Restrictions

The New York state legislature has passed the nation’s most comprehensive “right to repair” bill, the Digital Fair Repair Act. The DFRA requires original equipment manufacturers to make available to independent repair providers and consumers existing diagnostic and repair information and tools for digital electronic parts and equipment. The measure, which awaits Governor Kathy Hochul’s signature, affects all manufacturers selling digital products in New York state. “Where before, manufacturers could push consumers to use manufacturer-authorized shops, now they’ll have to compete,” said indie repair chain iFixit. Continue reading New York State Legislature Passes Broad Right to Repair Law

Samsung says over the next five years it will invest $356 billion in chip production, biopharmaceuticals and other next-gen tech, creating tens of thousands of new jobs. While Samsung says most of the funds — $285 billion — will be spent in South Korea, the Seoul-based electronics giant also has operations in the U.S., Canada, the UK and Philippines. That new plan marks a 30 percent increase in Samsung’s spending over the previous five-year period and is a considerable expansion over earlier budgeting. Memory chip manufacturing and 6G wireless are among the areas to benefit from the new investment. Continue reading Samsung Announces Plans for $356 Billion Investment in Tech

A recent COVID-19 surge in China has resulted in the temporary closure of electronics and automobile factories in the manufacturing hubs of Shenzhen and Changchun. In Shenzhen, iPhone supplier Foxconn announced it is halting operations in compliance with local government policy. The city has been placed on lockdown for at least a week, with all inhabitants to undergo three rounds of testing following the discovery of 86 new COVID-19 cases. Recent outbreaks in 28 of China’s 31 provinces have infected more than 15,000 people, primarily with the highly transmissible Omicron variant, according to China’s National Health Commission. Continue reading COVID Surge Triggers Factory Closures in China’s Tech Hubs

Amazon has opened a brick-and-mortar retail store, dubbed Amazon 4-star, in New York City’s Soho neighborhood. Amazon 4-star is so named because it will carry goods — starting off with consumer electronics, kitchen, home, toys, books and games — that shoppers have rated with at least four stars, are sold by top sellers or are “new and trending.” This physical retail store joins Amazon’s 12+ bookstores and a few cashierless Go convenience stores, as well as the Whole Foods grocery stores it acquired. Continue reading Amazon Unveils NYC Retail Store for 4+ Star Online Products

Taiwanese electronics manufacturer Foxconn Technology Group announced that it has acquired a seven-story building in downtown Milwaukee that will serve as the company’s North American corporate headquarters. The new facility will employ 500 people and also house an innovation center that will focus on display technology. Foxconn, which purchased the downtown building from Northwestern Mutual, is additionally planning a major manufacturing complex about 30 miles south of Milwaukee in Racine County, expected to open in 2020. Continue reading Foxconn Selects Wisconsin for North American Headquarters

Amazon’s plan to open Amazon Go, a convenience store without a cashier, has suffered a setback. In beta since December, the first store was scheduled to open to the public by the end of March, but sources reported that there are problems with the technology used to automatically charge customers when they leave the store. Brick-and-mortar stores are key to Amazon’s desire to enter the food sales market in earnest. The company is also exploring the possibility of retail stores to sell furniture, appliances and other items. Continue reading Amazon Hits Roadblocks in Pursuit of Retail Grocery Business

Unnamed sources report that Microsoft has agreed to invest in Uber. Although details are not yet public, the company is expected to invest a significant portion of the upcoming $1 billion funding round that values Uber at around $51 billion. That new funding round — and the valuation — makes Uber one of the most highly valued private companies ever, along with startups such as Xiaomi, a Chinese electronics company valued at around $45 billion and Airbnb, valued at more than $24 billion. Continue reading Microsoft Reportedly Plans to Invest Significant Sum in Uber

Samsung was one of the first companies to tempt consumers with the prototype of a bendable display at CES, but so far, Samsung and others have faced manufacturing challenges in bringing these displays to market. However, a California-based startup, Kateeva, has developed a new manufacturing process that it claims will save time, cut costs, and make bendable screens more durable. Another company, Canatu, has also developed technology to make bendable touch screens. Continue reading Bendable Displays Are Closer Than Ever to Hitting the Market