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A flag outside the U.S. Securities and Exchange Commission headquarters in Washington, Feb. 23, 2022.

Al Drago | Bloomberg | Getty Images

Regulators around the world from Europe to Asia ramped up efforts to bring about formal laws for digital currencies in 2023 — but it was the U.S. that took some of the harshest legal actions against major players in the industry.

In a year that saw crypto heavyweight Binance ordered to pay more than $4 billion to U.S. authorities and its former CEO’s guilty plea, along with high-profile lawsuits against five crypto companies by the Securities and Exchange Commission, regulators overseas have been equally busy both adopting new legislation — and pushing for more — to rein in the sector’s bad actors.

Here’s the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024.

U.S. tops the list globally for enforcement

The U.S. has proven to be one of the most active enforcers of penalties and legal action against crypto companies this year, as authorities looked to counter bad practices in the industry following the collapse of Sam Bankman-Fried’s crypto empire — including his FTX exchange and sister firm Alameda Research.

“To be clear, in some cases — like FTX — enforcement was necessary,” said Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities and Commodities Fraud Section. “But U.S. enforcement actions against market participants that are more focused on compliance are questionable and the result of the U.S. ‘regulation by enforcement’ approach.”

While many regions have passed laws with potentially tough penalties, the U.S. is still the only country that has actively taken action against large-scale crypto companies and projects. Thus far, the U.S. has led that campaign against crypto firms by enforcement and has, by far, been the most punishing of regulators when it comes to penalties and fines.

“Other countries have a comprehensive regulatory framework in place. We don’t,” Mariotti told CNBC. “As a result, issues that should be determined by legislation or regulation are instead litigated.”

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Indeed, in the absence of hard-and-fast rules from Capitol Hill, the SEC, the Commodity Futures Trading Commission, the Department of Justice, and Treasury’s Financial Crimes Enforcement Network (FinCen), have worked in parallel to police the space, in a sort of patch-quilt version of regulation-by-enforcement.

Richard Levin, a partner at Nelson Mullins Riley & Scarborough who has represented clients before the SEC, CFTC, and Congress, tells CNBC that these agencies have been some of the most active enforcers around the world concerning the regulation of digital assets and cryptocurrencies.

“These agencies have provided guidance to the industry on how digital assets and cryptocurrencies must be offered and sold, traded, and held by custodians,” said Levin, who has been involved in the fintech sector for 30 years.

“However, much of their work has involved providing guidance to the industry through enforcement actions,” continued Levin.

Since 2019, Justice’s Market Integrity and Major Frauds Unit has charged cryptocurrency fraud cases involving over $2 billion in intended financial losses to investors worldwide.

In its annual report summing up enforcement actions, the CFTC noted that nearly half of all cases in 2023 involved conduct related to digital asset commodities. Meanwhile, the SEC highlighted that 2023 was notable for its enforcement of “crypto-related misconduct, including fraud schemes, unregistered crypto assets and platforms, and illegal celebrity touting.” Since 2014, the SEC has brought more than 200 actions related to crypto asset and cyber enforcement.

The most stringent cases played out in the first half of the year when the SEC accused Binance and Coinbase of engaging in illegal securities dealing in a pair of lawsuits.

Most notably, the SEC alleges that at least 13 crypto assets available to Coinbase customers — including Solana’s sol, Cardano’s ada, and Protocol Labs’ filecoin — should be considered securities, meaning they’d need to be subject to strict transparency and disclosure requirements.

In Binance’s case, the SEC went a step further. In addition to securities law violations, the company and its co-founder and CEO Changpeng Zhao were also accused of commingling customer assets with company funds.

Concerning criminal enforcement, Damian Williams, the U.S. attorney for the Southern District of New York, has been leading some of Justice’s highest-profile crypto prosecutions, including the monthlong trial of Bankman-Fried, the disgraced FTX founder. In November, a jury found the former FTX chief executive guilty of all seven criminal counts against him following a few hours of deliberation. 

Crypto leaders consider moving business outside of the U.S. regulatory space

But crypto companies have begun to push back, with some threatening to decamp from the U.S. entirely should this dynamic of policing by enforcement continue.

Coinbase CEO Brian Armstrong condemned the SEC’s actions against the exchange and suggested the company may be forced to move its headquarters overseas. Armstrong later walked back the threat of relocating abroad, but Coinbase and other major crypto firms have still begun to invest more heavily in their international operations.

Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations.

“Clearer regulatory frameworks and stance from regulators globally have provided a sense of legitimacy and security, encouraging more widespread participation in the bitcoin market,” Alyse Killeen, managing partner of Stillmark Capital, told CNBC.

The crypto industry saw the most legislative progress on crypto laws in the U.S. this year, with one of the competing digital asset bills making it past multiple House committees for the first time.

Even as U.S. lawmakers take steps toward crypto legislation, there remains no law in the U.S. tailored specifically for the industry. Nelson Mullins Riley & Scarborough’s Levin tells CNBC it’s unlikely that we’ll see much progress in a presidential election year and with a divided federal government.

He argues that even without rules on crypto from lawmakers, routine complaints that U.S. regulators are not providing guidance to the industry are without merit.

According to Levin, “The SEC, the CFTC and FinCEN routinely provide informal guidance on the regulation of digital assets and cryptocurrencies.”

“The SEC even went so far as to provide a framework for the analysis of digital assets and cryptocurrencies. The SEC also created a fake digital asset (Hosey Coin) that gave advice to the FinTech community on how not to launch a digital asset,” Levin added.

“Some members of the industry forget the SEC is relying on laws that were written when American football players wore leather helmets, and the SEC must apply those laws to the FinTech industry,” he said.

Despite crypto’s recent fading buzz, Killeen of Stillmark Capital doesn’t expect regulators to become fatigued by crypto in 2024. In the same time year that two of crypto’s leading figures were sent to jail, shares of Coinbase — and prices of digital currencies like bitcoin and ether — have rallied sharply.

Since the start of this year, Coinbase’s stock price has surged more than 400%. Bitcoin and ether, meanwhile, have both roughly doubled in price. That’s as investors anticipate that approval for a bitcoin exchange-traded fund by the SEC may be around the corner.

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Europe

The European Union looks set to apply its Markets in Crypto-Assets legislation, which is aimed at taming the “Wild West” of the crypto industry, in full force starting next year.

The law, initially proposed in 2019 as a response to Meta’s digital currency project Diem, formerly known as Libra, aimed to clean up fraud, money laundering and other illicit financing in the crypto space, and stamp out the sector’s bad actors more broadly.

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It also sought to tackle a perceived threat from so-called stablecoins, or blockchain-based tokens that serve as a representation of government money but are backed by private companies. Stablecoins are effectively digital currencies that are pegged to the value of fiat currencies like the dollar.

While tether and Circle’s USDC aren’t perceived as “systemic” assets capable of disrupting financial stability, a private stablecoin from a massive company like Meta, Visa or Mastercard could pose a bigger threat and potentially undermine sovereign currencies, in several EU central bankers’ eyes.

The U.S.’s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. However, the landscape is evolving, and other jurisdictions are steadily enhancing their regulatory and enforcement frameworks in crypto.

Braden Perry

Former federal enforcement attorney and current partner at

Part of the EU’s framework for crypto is aimed at tackling threats — particularly that of the euro being undermined — by making it impossible for issuers to mint stablecoins backed by currencies other than the euro, like the U.S. dollar, once they meet the threshold of more than 1 million transactions per day.

Meanwhile, the European Union is moving towards a unified regulatory framework for cryptocurrencies with its Markets in Crypto-Assets Regulation (MiCA).

This year, the three main political institutions of the EU-approved MiCA, paving the way for the regulation to become law. MiCA came into force in June 2023, but it’s not expected to apply fully until December 2024.

Companies are already getting ready to take advantage of the new rules, with Coinbase submitting an application for a universal MiCA license in Ireland. If and when it is approved, this would allow Coinbase to “passport” its services into other countries like Germany, France, Italy, and the Netherlands.

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Braden Perry, former federal enforcement attorney and current partner at law firm Kennyhertz Perry, said that while the U.S. remains a top enforcer for the crypto industry, its perception as a regulator “may be diminishing,” as other jurisdictions have stepped in with clearer rules.

“This perception stems from the proactive measures taken by U.S. regulatory bodies like the SEC, CFTC, and IRS, especially in addressing fraud and security issues in the crypto market. High-profile legal actions in the U.S. further cement its image as a strict enforcer,” he said.

“However, other regions, including Singapore, Dubai, Hong Kong, and the European Union, are also developing robust regulatory frameworks,” Perry added. “While these regions may not be as visible in international media for enforcement actions, they possess significant and sometimes stringent regulatory mechanisms.”

But while the broader EU has been racing to implement new crypto laws, individual European countries haven’t been resting on their laurels.

France has been tempting crypto companies and traders alike to its shores with the promise of tax cuts on crypto profits and a smoother registration process for digital asset firms.

Starting from Jan 1, 2024, France’s Financial Markets Authority, or AMF, is set to amend its registration requirements for crypto firms to better align with MiCA, according to an August statement from the regulator.

At the same time, French authorities have kept a skeptical eye on fraudulent activity among various crypto players. In September, French regulators added 22 fraudulent websites — including some that market trading in crypto and crypto-linked derivatives — to a blacklist of unauthorized foreign exchange providers.

In Germany, meanwhile, the financial regulator Bafin has said it wants to accelerate its approach to licensing crypto custody services, as part of a broader effort to instill trust and transparency in the crypto market.

The U.K., a non-member of the EU, passed a law in June that gives regulators the ability to oversee stablecoins. But there are no concrete rules for crypto just yet.

The U.K.’s Treasury department released its response to a consultation on new crypto rules earlier this year, confirming that it plans to bring a range of crypto activities, including crypto custody and lending, within existing laws governing financial services firms in the country.

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Asia

Earlier this year, the Monetary Authority of Singapore, which is recognized for clear fintech and crypto regulations that do not rely heavily on enforcement actions, finalized rules for stablecoins, making it one of the world’s first jurisdictions to do so.

Singapore was notably bruised by the collapse of TerraUSD, a controversial algorithmic stablecoin, in 2022, as well as the fall of Three Arrows Capital, or 3AC. Both Terra Labs, the company behind Terra, and 3AC were headquartered in Singapore.

Singapore’s new framework requires stablecoin issuers to back them with low-risk and highly-liquid assets, which must equal or exceed the value of tokens in circulation at all times, return the par value of the digital currency to holders within five business days of a redemption request, and disclose audit results of reserves to users.

Hong Kong, meanwhile, is undergoing a public consultation on stablecoins and seeks to introduce regulation next year.

The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.

The Hong Kong Securities and Futures Commission, or SFC, launched a registration regime for digital asset businesses earlier this year, with clear regulations for crypto exchanges and funds.

So far, only two firms, OSL Digital and Hash Blockchain, have been handed licenses.

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The Middle East and Africa

The United Arab Emirates has emerged as a popular base for the fintech sector more broadly, given its lack of personal income tax, flexible visa policies, and competitive incentives for international businesses and workers.

In 2022, in a bid to lead the virtual assets sector in the Middle East and Africa, Dubai — the UAE’s most populous city — launched VARA, or the Virtual Asset Regulatory Authority.

“Dubai and the UAE have created favorable conditions for cryptocurrency businesses, offering specific zones and guidelines for crypto trading,” said Perry.

Blockchain analytics firm Chainalysis notes that regulators in the UAE were early to cryptocurrency, with Dubai leading the charge when it launched a blockchain strategy in 2016.

“Since then, UAE regulators have remained at the forefront of the industry,” according to a Chainalysis report.

Two years later, in 2018, Abu Dhabi Global Market created the world’s first regulatory framework for cryptocurrency to foster innovation while safeguarding consumers.

Earlier this year, the UAE passed further crypto regulations at the federal level to make it easier for regulators like VARA to police the sector and run economic-free zones.

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Meta’s big AI spending blitz will continue into 2026

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Meta's big AI spending blitz will continue into 2026

Meta CEO Mark Zuckerberg makes a keynote speech at the Meta Connect annual event, at the company’s headquarters in Menlo Park, California, U.S. September 25, 2024.

Manuel Orbegozo | Reuters

Meta CEO Mark Zuckerberg plans to continue his company’s artificial intelligence spending blitz well into the next year as rival tech giants do the same.

Zuckerberg told analysts Wednesday during a second-quarter earnings call that AI’s rapid pace of progress has informed much of Meta’s recent business decisions, including the company’s $14.3 billion June investment into the data-annotating startup Scale AI as part of a revamped AI strategy involving a wave of high-profile hires.

AI’s swift advancement warrants that Meta have “the absolute best and most elite talent-dense team” that can access the resources they need from a “leading compute fleet,” Zuckerberg said about the AI Superintelligence team he assembled for his company this summer. Whatever these top-tier AI researchers build can then be implemented throughout Facebook, Instagram and the rest of the company’s family of apps, he said.

“When we take a technology, we’re good at driving that through all of our apps and our ad systems,” Zuckerberg said. “There’s no other company that is as good as us at kind of taking something and getting it in front of billions of people.”

Those AI endeavors, however, come at a cost.

Meta on Wednesday said it expects its total expenses for 2025 to come in the range of $114 billion and $118 billion, raising the low end of its previous outlook of between $113 billion and $118 billion. And while Meta is still planning out next year, the company said its AI initiatives will “result in a 2026 year-over-year expense growth rate that is above the 2025 expense growth.”

Other tech giants are also spending heavy on AI projects and talent.

Alphabet said last week during its earnings report that it is raising its 2025 capital expenditures forecast to $85 billion, which is $10 billion higher from its prior forecast. Microsoft said Wednesday that its fiscal first-quarter capital expenditures will be $30 billion, ahead of analyst expectations of $24.23 billion.

For now, investors are OK with Meta’s big AI investments, with the company’s shares up nearly 12% in after-hour trading on Wednesday. It helps that Meta reported strong second-quarter earnings that beat on the top and bottom while providing third-quarter sales guidance that topped Wall Street expectations.

It also helps that Zuckerberg said AI drove “greater efficiency and gains across our ad system,” likely reassuring worried investors that Meta’s big AI spending is leading to some immediate results.

And while the company’s Reality Labs unit continues bleeding money, posting an operating loss of $4.53 billion in the second quarter, the surprise hit of the Ray-Ban Meta smart glasses seems to have quelled investor discontent for the time being.

“I continue to think that glasses are basically going to be the ideal form factor for AI, because you can let an AI see what you see throughout the day, hear what you hear, talk to you,” Zuckerberg said. “Once you get a display in there, whether it’s the kind of wide holographic field of view, like we showed with Orion, or just a smaller display that might be good for displaying some information, that’s going to unlock a lot of value, where you can just interact with an AI system throughout the day.”

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Elon Musk’s plan to build Boring Co. tunnels in Nashville sparks partisan feud

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Elon Musk's plan to build Boring Co. tunnels in Nashville sparks partisan feud

Elon Musk has expanded a number of his companies within Texas, including Tesla, SpaceX, the Boring Co. and Neuralink. Tesla broke ground on a lithium refinery in Texas earlier this year with Governor Greg Abbott in attendance.

Christophe Gateau | Picture Alliance | Getty Images

Elon Musk’s tunneling venture, The Boring Company, announced plans earlier this week to build a 10-mile underground loop in Nashville, in coordination with Tennessee Republican Governor Bill Lee, who put out a press release praising the project.

Democratic lawmakers in Nashville are demanding answers on the plans, while the state’s Republican leaders have jumped at the chance to partner with Musk. A state commission is holding an emergency meeting and public hearing Thursday morning to discuss a “no cost/mutual benefit” lease arrangement that’s been proposed to help the company get the tunnels started.

“We are aware of the state’s conversations with the Boring Company, and we have a number of operational questions to understand the potential impacts on Metro and Nashvillians,” Freddie O’Connell, Nashville’s mayor, said in an e-mailed statement.

Based in Pflugerville, Texas, The Boring Co. is poised to take over a chunk of public property about the size of a football field in downtown Nashville. The commission that’s meeting on Thursday includes Tennessee’s governor, speaker of the house, speaker of the senate and secretary of state. Members of the public were invited to give testimony but with less than a week’s notice.

On Monday, The Boring Co. and state officials divulged that Musk’s venture would dig its tunnels under state-owned roadways in order to “connect downtown and the Convention Center to Nashville International Airport with a transit time of approximately 8 minutes.”

It’s called the Music City Loop, and the project marks Musk’s latest effort to bolster his budding business empire in Tennessee. His artificial intelligence startup xAI, the parent of social media platform X, is building data centers and a power plant in Memphis, on the western side of the state.

The governor’s office said on Monday that the Nashville project would come “at zero cost to taxpayers” and would be “entirely privately funded,” though no details were provided about whether or what type of cost-benefit analysis, environment, safety or traffic assessment had been completed by the state before agreeing to the deal.

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Musk became a major force in Republican politics last year, when he spent almost $300 million to help reelect President Donald Trump before working for the Trump administration in the first few months of this year. Musk brought The Boring Co. CEO Steve Davis with him to lead Trump’s DOGE initiative, slashing federal agencies, regulations and personnel.  

Justin Jones, a Democratic state representative in Nashville, told CNBC on Wednesday that his district had not been able to participate in any public comment period, and hadn’t seen any environmental impact report or health assessment related to the Music City Loop or its construction.

‘Not allowed to be here’

On Wednesday evening, The Boring Co. held a recruiting event, with Davis in attendance, at the parking lot where the company expects the state to grant it a no-cost lease. Jones went to the event hoping to discuss the jobs that Musk’s company is looking to create in his district, the lawmaker told CNBC.

“The CEO is here and the other members of their team, but they sent someone out to tell me that I’m not allowed to be here,” Jones said in a text message, sharing a video of his interaction with The Boring Co. employees at the event.

On Monday, Jones arrived to a separate company event at the Nashville airport only to have authorities claim he lacked proper credentials to attend.

Jones told CNBC that state officials explained to him that only state-level authorizations would be required for The Boring Co. project to begin because the tunnels would go under state roads, and would not require the use of taxpayer funds.

“We’re not even being informed where or what exactly these tunnels are going to run through,” Jones said. “Tomorrow they’re voting to give away state land for no cost. But giving away land obviously has a cost.”

The governor’s office didn’t respond to a request for comment regarding Jones’ concerns. Representatives for The Boring Co. weren’t immediately available to comment.

The Boring Co. has previously built tunnels in Las Vegas, including an initial two miles to carry visitors to different exhibit halls around the Las Vegas Convention Center. Tesla drivers travel through the tunnels to pick up and drop off passengers, who book their rides using an app.

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The initial loop cost Nevada taxpayers about $50 million and has been criticized for a lack of pedestrian entrances, walkways and platforms, and its limitations relative to a subway system. The Boring Co. was previously fined by the Nevada Occupational Safety and Health Administration for repeated violations and worker injuries in Las Vegas.

The Musk-owned company also abandoned plans to build tunnels in other locations, including Chicago.

One particular concern in Nashville is that the city is prone to flooding with an average annual rainfall of around 50 inches, according to the National Weather Service, which compares to around 4 inches in Las Vegas. The city’s Metro Water Services previously arranged, with federal support, to purchase homes from residents in vulnerable areas at reduced prices, and convert the land there to green spaces.

The Boring Co. has no experience building in areas with that kind of rainfall and flooding concern.

The public hearing to discuss whether the state will give the parking lots to The Boring Co. in a no-cost, mutual benefit lease agreement starts at 8 a.m. local time on Thursday at Cordell Hull State Office Building, according to a copy of the agenda on the state government’s website.

In Memphis, xAI has faced a community backlash over its use of natural gas-burning turbines which power its data center and supercomputer there. The facility, housed in a former home appliance factory, is responsible for training xAI’s controversial chatbot Grok.

The NAACP and other environmental and public health advocates are suing xAI, saying the company exacerbated air pollution in the area, harmed majority-Black communities who live near their facilities, and violated the Clean Air Act. An xAI spokesperson said at the time the groups announced their intent to sue that the company takes “our commitment to the community and environment seriously.”

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Samsung’s profit more than halves, missing expectations as chip business plunges 94%

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Samsung's profit more than halves, missing expectations as chip business plunges 94%

Headquarters of Samsung in Mountain View, California, on October 28, 2018.

Smith Collection/gado | Archive Photos | Getty Images

Samsung Electronics on Thursday reported a second-quarter operating profit of 4.7 trillion Korean won, missing expectations, weighed by a 93.8% profit slump in its chip business.

While Samsung’s second-quarter operating profit beat its own forecast of around 4.6 trillion won, it was a steep drop from the 10.44 trillion won recorded in the same period last year.

The South Korean technology giant posted a quarterly revenue of 74.6 trillion won, up slightly from 74.07 trillion won a year earlier and beating its forecast of 74 trillion won. 

Here are Samsung’s second-quarter results compared with LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate:

  • Revenue: 74.6 trillion won ($53.5 billion) vs. 74.43 trillion won 
  • Operating profit: 4.7 trillion won vs. 5.33 trillion won

Shares of Samsung fell by as much as 1.79% in early trading.

Notably, its Device Solutions division, which encompasses its memory chip, semiconductor design and foundry business units, recorded a 93.8% drop in operating profit year over year.

Samsung Electronics’ chip business posted an operating profit of 400 billion won in the second quarter, plunging from 6.45 trillion won in the same period last year. Chip revenue fell to 27.9 trillion won, from 28.56 trillion won last year. 

“Inventory value adjustments in memory and one-off costs related to the impacts of export restrictions related to China in non-memory had an adverse effect on profit,” the company said in a statement.

However, speaking in an earnings call, Samsung’s chief financial officer Soon-cheol Park voiced some optimism for the company in the near term.

“Despite ongoing global economic concerns driven by uncertain trade policies and geopolitical tensions, the IT industry appears poised for a gradual recovery fueled by increasing momentum in AI and robotics,” he said.

“In this context, we anticipate a rebound in our performance in the second half, following a bottoming out in the second quarter, with the earnings expected to improve steadily as the year progresses,” he added.

Foundry hopes, memory woes

Samsung’s foundry business could receive a boost in the following quarters from a $16.5 billion contract to supply chips to a major company in a deal announced on Monday. 

While Samsung did not initially disclose the counterparty, Tesla CEO Elon Musk has said that it was his American electric vehicle maker, and that the so-called AI6 chips would be made at Samsung’s upcoming fab in Taylor, Texas.  The deal could be even larger than what’s been announced, Musk added. 

The main aim of the Tesla deal for Samsung could be attracting other potential customers to its foundry business, Nam Hyung Kim, research partner and equity research analyst at Arete, told CNBC.

However, “production costs at the Taylor site are expected to be significantly higher than those in Korea,” he said, adding that it is far too early to conclude the deal will improve Samsung’s position against market leader Taiwan Semiconductor Manufacturing Company.

Samsung’s foundry business is currently at a “critical juncture between survival and profitability,” Neil Shah, vice president of research at Counterpoint Research, said in a pre-earnings statement.

Samsung, meanwhile, has been dealing with increased competition in its memory business, which makes chips used to store data in everything from servers to consumer devices such as smartphones and laptops. The company has traditionally been the market leader in the space.

But Samsung’s strength in memory is being threatened as it falls behind rival SK Hynix in high bandwidth memory, or HBM — a type of memory used for artificial intelligence computing. 

A report from Counterpoint Research earlier this month found that SK Hynix had caught up with Samsung’s memory revenues in the second quarter, with both now vying for the top position in the global memory market. 

In the second half of the year, Samsung said it plans to proactively meet the growing demand for high-value-added and AI-driven products and continue to strengthen competitiveness in advanced semiconductors.

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