The Shovel Sellers Are Winning
AI's money is flowing back up the supply chain. Samsung posts record profit, up 782%. OpenAI's revenue shrinks by $20 billion.
Let me start with a number that felt almost unreal.
Samsung Electronics just posted quarterly operating profit of 107.4 trillion won, roughly $80.2 billion. It is the first time in the company's nearly sixty-year history that quarterly profit broke 100 trillion won. Year over year, that is up 782%.
The next day, Samsung's stock fell 0.7%.
The drop was tiny, almost negligible. What is interesting is the contrast: a company delivers the best result in its history, and the market's response is a barely perceptible decline.
Analyst Josh Gilbert put it more bluntly: record profit, and still short of expectations. That, he said, tells you how demanding the AI trade has become. [1]
The same week, OpenAI's annualized revenue was revised down from a previously reported $70 billion to...
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