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South Korean tech giant <keyword id="10591" type="General" weightage="20" keywordseo="samsung" source="Orion">Samsung</keyword> has announced a new memory technology in the form of Low Power Double Data Rate 5X or <keyword id="12498937" type="General" weightage="20" keywordseo="LPDDR5X-DRAM" source="Orion">LPDDR5X DRAM</keyword> designed to drive further growth throughout the high-speed data service applications including 5G, artificial intelligence (AI) and the metaverse.<br /><br />The LPDDR5X is a next-generation mobile DRAM designed to boost speed, capacity and power savings for future 5G applications. In 2018, Samsung delivered the industry's first 8Gb LPDDR5 DRAM and now, the company is moving beyond mobile markets with the first 16Gb LPDDR5X DRAM.<br /><br />"Our LPDDR5X will broaden the use of high-performance, low-power memory beyond smartphones and bring new capabilities to AI-based edge applications like servers and even automobiles," SangJoon Hwang, Senior Vice President and Head of the DRAM Design Team at Samsung Electronics said in a statement.<br /><br />It will offer data processing speeds of up to 8.5 gigabits per second (Gbps), which are over 1.3 times faster than LPDDR5's 6.4Gbps.<br /><br />Leveraging the industry's most advanced 14nm DRAM process technology, it will also use around 20 per cent less power than LPDDR5 memory.<br /><br />In addition, the 16Gb LPDDR5X chip will enable up to 64 gigabytes (GB) per memory package, accommodating increasing demand for higher-capacity mobile DRAM worldwide.<br /><br />Later this year, Samsung will begin collaborating with global chipset manufacturers to establish a more viable framework for the expanding world of digital reality, with its LPDDR5X serving as a key part of that foundation.<br /><br /><b>SEE ALSO:</b><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-fe-may-not-be-launched-in-india-despite-s20-fes-success/articleshow/87600837.cms">Samsung Galaxy S21 FE is expected to launch in January 2022</a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/news/samsung-to-expand-its-premium-foldable-lineup-reports-increase-in-mobile-revenue/articleshow/87331675.cms">Samsung to expand its premium foldable lineup, reports increase in mobile revenue</a></b><br />

Samsung develops new RAM technology, claims to offer power savings, better speeds and capacity

<strong>Seoul,</strong> <keyword id="84295" type="PERSON" weightage="20" keywordseo="dram">DRAM</keyword> and <keyword id="849955" type="ORGANIZATION" weightage="20" keywordseo="NAND-flash">NAND flash</keyword> are expected to be the two semiconductor products that will outshine this year.<br /><br />Sales growth for DRAM and NAND flash were projected to be 18% and 17%, respectively, making them the two sharpest-growing chips among the 33 integrated circuit (IC) products in 2021, according to the McClean Report released by market tracker IC Insights.<br /><br />DRAM, or dynamic random-access memory, is a volatile semiconductor memory that retains data as long as power is supplied. It is commonly used in personal computers, workstations and servers.<br /><br />"Laying claim as the fastest growing IC product segment is familiar territory for the DRAM market," IC Insights said. "DRAM was also ranked as the fastest-growing IC segment in 2013, 2014, 2017, and 2018."<br /><br />NAND flash is a type of non-volatile storage that does not require power to store data.<br /><br />"The transition to 5G technology within many of these same computing applications and smartphones is forecast to boost NAND revenue growth 17% in 2021," it said.<br /><br />Both DRAM and NAND flash are the main products for South Korea's two largest chipmakers -- <keyword id="10591" type="COMPANY" weightage="20" keywordseo="Samsung">Samsung</keyword> Electronics Co. and <keyword id="1642460" type="COMPANY" weightage="20" keywordseo="SK-Hynix-Inc">SK Hynix Inc</keyword>.<br /><br />As of the third quarter of 2020, Samsung dominated the global DRAM market with a 41.3% share, with SK Hynix coming in second with a 28.2% share, according to market researcher <keyword id="1813798" type="COMPANY" weightage="20" keywordseo="TrendForce">TrendForce</keyword>.<br /><br />In the NAND flash market, Samsung held a 33.1 per cent share in the third quarter, while SK Hynix had an 11.4 per cent share.<br /><br />IC Insights' outlook is in line with the two companies' 2021 forecast of their memory business announced earlier this week.<br /><br />Samsung said its memory business, specifically the DRAM market, is expected to see a recovery during the first half of the year thanks to strong demand from mobile and server applications, although geopolitical and economic uncertainties remain.<br /><br />SK Hynix projected the DRAM demand growth this year to be around the high 10 per cent and 20 per cent range and that of NAND flash to be in the low 30% range.<br /><br />Meanwhile, IC Insights said only five IC product segments were projected to outpace the entire IC market growth in 2021.<br /><br />In addition to DRAM and NAND flash, two automotive IC products, application-specific analog and special-purpose logic chips, as well as embedded microprocessors were expected to grow faster than the total IC market's growth of 12%.<br /><br /><br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/travel/article/the-many-marvels-of-satpura-biosphere-reserve/articleshow/80598269.cms">The many marvels of Satpura Biosphere Reserve in Madhya Pradesh</a><br /></strong><a href="https://www.businessinsider.in/budget/news/india-travel-and-tourism-sector-is-hoping-that-the-budget-2021-wont-leave-them-behind/articleshow/80596702.cms"><strong>India’s travel and tourism sector is hoping that the Budget won’t leave them behind</strong></a><br />

DRAM, NAND flash to be 2 fastest growing chips this year, says report

<keyword id="135365" type="General" weightage="50" keywordseo="samsung-electronics" source="Orion">Samsung Electronics</keyword> is expected to report more than 15 percent rise in operating profit for the second quarter, helped by strong semiconductor <keyword id="6355515" type="General" weightage="20" keywordseo="business" source="Orion">business</keyword> despite slowing demand for smartphones and home appliances, a report showed on Tuesday.<br /><br />The world's largest memory chip maker is forecast to log 14.5 trillion won ($11.1 billion) in operating profit in the April-June period, up 15.6 per cent from a year ago, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.<br /><br /><keyword id="10591" type="General" weightage="100" keywordseo="samsung" source="Orion">Samsung</keyword>'s Q2 sales are estimated to increase by 20.6 per cent to 76.8 trillion won, while net income is likely to jump 19.8 per cent to 11.5 trillion won, the survey showed.<br /><br />Strong demand for memory chips used in servers and data centers supported the tech company's solid performance, with global shipments of DRAM and NAND Flash both growing in the three months ending in June by 9 per cent and 2 per cent on-year, respectively.<br /><br />By sector, Samsung's chip business is forecast to grow 42 per cent to report an operating profit of 9.8 trillion won.<br /><br />The growth in its smartphone business, however, seems to have weaken due to slower spending on consumer electronics amid surging inflation and recession fears.<br /><br />Samsung's smartphone shipments are estimated to come in at 61 million units in the second quarter, a 16 per cent drop from the previous quarter. Operating profit of the division is likely to drop 600 billion won from last year to 2.6 trillion won.<br /><br />Sales of home appliances are also hit by consumer's weaker spending power, rising costs of raw materials and seasonality factors. Operating profit of the division is forecast to be around 500 billion won, less than half the figure from a year ago.<br /><br />The display panel business is also likely to report weaker performances on slower demand, with the second quarter operating profits forecast to decline by 300 billion won from a year ago to 1 trillion won.<br /><br />Analysts are painting a bleak picture for the second half, as the ongoing war in Ukraine, rising inflation and China's COVID-19 lockdowns are dragging down demand for, and consumer spending on, electronic devices.<br /><br />Global shipments of consumer devices, such as mobile phones and PCs, are on pace to decline 7.6 per cent this year, according to technology research firm Gartner.<br /><br />SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/reliance-has-to-pay-6-per-litre-of-petrol-13-for-diesel-exported-as-tax-but-rising-margins-may-cushion-it/articleshow/92675488.cms">Reliance has to pay ₹6 per litre of petrol &amp; ₹13 for diesel exported as tax — but rising margins may cushion it</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-consumers-are-upgrading-their-tv-sets-as-early-as-8-years-now-as-per-report/articleshow/92674467.cms">Indian consumers are upgrading their TV sets as early as 8 years now thanks to the pandemic</a>

Samsung to make $11 billion profit on robust semiconductor business

Microsoft's foldable Surface Duo makes me never want to go back to using a smartphone with just one screen, but it has some serious drawbacks

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Brad Barket/Getty Images for Samsung</span></p><p class="caption">Samsung Senior Vice President of Product Strategy Justin Denison unveils the Samsung Galaxy S8 and S8+ during Samsung Unpacked at David Geffen Hall on March 29, 2017 in New York City.</p></div><p></p></div></div>Samsung has shrugged off scandal to announce a record profit.</p><p>The South Korean electronics giant was propelled to record profit in the second quarter of 2017, and this boom is likely to continue into the third - just as revenue is widely expected to benefit from sales of OLED screens to Apple.</p><p>The world's biggest maker of memory chips, smartphones, and TVs is now set to smash its annual profit record after better-than-forecast performance in its mobile business lifted April-June profit slightly above its early-July guidance, analysts said.</p><p>"Looking ahead to the third quarter, the company expects favorable semiconductor conditions to continue," Samsung said in a statement on Thursday. "Although overall earnings may slightly decline quarter-on-quarter as earnings weaken for the display panel and mobile businesses."</p><p>Memory chip makers are enjoying a so-called super-cycle where increasing demand for more sophisticated devices, such as cloud-computing data center servers, requires higher numbers of more expensive chips. That has brought about a supply shortage which is pushing prices even higher and widening profit margins.</p><p>Chips were Samsung's top earner in the three months through June, as more than tripled from the same period a year earlier to a record 8 trillion won ($7.20 billion). Continued demand for DRAM and NAND chips and supply constraints are likely to sustain profit margins for the foreseeable future, Samsung said.</p><h2>A 73% jump in profits...</h2><p>Overall, Samsung in a filing said operating profit rose 72.7% to 14.1 trillion won in the second quarter, versus 14 trillion won estimated in July. Revenue rose 19.8% to 61 trillion won, also in line with its earlier estimate.</p><p>It also announced its third share buyback of the year - 1.7 trillion won worth of common shares - as part of a planned annual total of 9.3 trillion won, and said it would cancel shares worth 2 trillion won.</p><p>Samsung's share price closed down 0.1%, versus a 0.4% rise in the Kospi benchmark index.</p><h2>The Galaxy S8 is selling well</h2><p>In its mobile division, Asia's third most-valuable company by market value reported a 4.7% fall in profit, slightly milder than the decline forecast in early July.</p><p>Mobile chief Koh Dong-jin this month said cumulative sales of new flagship Galaxy S8 and S8+ smartphones, released April, were 15% higher than those of its predecessor. <a href="https://news.samsung.com/global/samsung-electronics-announces-second-quarter-2017-results">In a statement, the company said</a> the new devices "have outsold the Galaxy S7 series in almost all regions."</p><p>However, the firm expects mobile earnings to dip in the third quarter as S8 sales trail off, mid- to low-tier models take up a larger share of total shipments, and marketing costs increase for the Galaxy Note 8, unveiled on Aug. 23 in New York.</p><p>"The mobile business might be slightly weaker in the third quarter because the second quarter was so strong," said analyst Greg Roh at HMC Investment &amp; Securities. "But the expected sales from OLED display supply to Apple is seen to be reflected in earnings starting in the third quarter." </p><h2>Apple and scandals</h2><p>Apple is widely tipped to adopt Samsung's organic light-emitting diode (OLED) display for the next iPhone, which is expected to launch in the second half of the year. Subsidiary Samsung Display Co Ltd has an over 90% market share in smartphone OLED screens - meaning the expected success iPhone 8 will further boost Samsung's business. </p><p>However, price competition in liquid-crystal displays (LCD) used in low- and mid-tier handsets is expected to cut margins.</p><p>Samsung's record earning come as the firm's Vice Chairman Jay Y. Lee is in detention while on trial for his alleged role in a corruption scandal involving South Korea's former president Park Geun-hye. He has denied wrongdoing.</p><p>The lower court ruling on the case is likely to come before Lee's current detention period ends on August 27, a Seoul court spokesman said.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/white-walkers-rode-central-london-horseback-game-of-thrones-winter-coming-season-7-hbo-oxford-circus-street-tower-bridge-buckingham-palace-2017-7">'White Walkers' just rode into central London on horseback to promote new 'Game of Thrones' season</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="M1N3Z2YjE6lhvh2PW5Sc7HAgmRjMk2fy" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Samsung is smashing it with record profits, despite a corruption scandal

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Apple might be at war with Samsung, but it's still relying on the Korean company to build an important part of the latest iPhone. </p><p><a href="http://appleinsider.com/articles/15/02/24/rumor-samsung-tapped-to-supply-dram-for-a9-chip-in-apples-next-iphone">Apple Insider reports that Samsung is going to develop the DRAM chip for a rumoured iPhone refresh</a> that could take place this year.</p><p>The information here comes from <a href="http://www.koreatimes.co.kr/www/news/tech/2015/02/133_173939.html">the Korea Times, which reported that Samsung</a> is going to make at least half of the DRAM chips for what is being referred to as the iPhone 6S.</p><p>Apple doesn't build all of its chips itself. Instead, the Cupertino company relies on other manufacturers to produce many of the inner working of the iPhone. </p><p>Apple might be ramping up the competition with Samsung, <a href="http://uk.businessinsider.com/apple-is-reportedly-poaching-samsung-battery-experts-to-build-electric-car-2015-2?r=US">reportedly poaching its battery experts</a>, but it is still prepared to let Samsung do the hard work to make one of the most important iPhone chips.</p><p>What we don't yet know is whether Samsung will build the new "A9" chips that Apple will include in its refreshed iPhone line-up.<a href="http://recode.net/2015/02/04/apple-taps-samsung-to-manufacture-next-iphone-chip/"> The most recent rumours</a> suggest that, yes, Samsung will build the A9 chips - showing that Apple isn't yet prepared to move to alternative suppliers to spurn Samsung.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/samsung-exec-david-eun-life-changes-2014-11">How A Samsung Executive Changed His Life After Surviving A Plane Crash</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="12eWlhaDqcI1h7Lo9LVpFs6v0XAlCstJ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Samsung is going to build a crucial part of the new iPhone

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><p class="source"><span>AP</span></p></div><p></p></div></div>Kurt Eichenwald at Vanity Fair has <a href="http://www.vanityfair.com/business/2014/06/apple-samsung-smartphone-patent-war.print">a story on the Samsung-Apple patent war</a>. </p>
<p>It's focused largely on Samsung. Unlike most stories about Samsung, which have been overwhelmingly positive, Eichenwald's story is not flattering. </p>
<p>Eichenwald says Samsung has historically skirted, and in many cases broken, the law to achieve success. </p>
<p>Highlights:</p>
<ul>
<li><span style="line-height: 1.5em;">Sam Baxter, an attorney who represented Samsung in the past said, "</span><span style="line-height: 1.5em;">They never met a patent they didn't think they might like to use, no matter who it belongs to ... I represented [the Swedish telecommunications company] Ericsson, and they couldn't lie if their lives depended on it, and I represented Samsung and they couldn't tell the truth if their lives depended on it."</span></li>
<li><span style="line-height: 1.5em;">In 2011 and 2012, Samsung was fined $32 million by the U.S., $21.5 million by South Korea, and $197 million by the EU for conspiring with its competitors to fix prices for cathode ray tubes that power TVs. </span></li>
<li><span style="line-height: 1.5em;">Samsung did the same thing with LCD screens. It conspired with with Hitachi and Sharp to raise LCD screen pricing. Apple actually caught wind of this and alerted the authorities. Samsung turned in its co-conspirators, according to Vanity Fair, to get leniency. It still had to pay hundreds of millions to settle that case.</span></li>
<li><span style="line-height: 1.5em;">Samsung was also caught in a price fixing conspiracy for dynamic random access memory, or DRAM, which is used in computers. Samsung had to pay a $300 million fine, and Eichenwald says, "</span><span style="line-height: 1.5em;"> Six of its executives pleaded guilty and agreed to serve sentences of 7 to 14 months in American prisons."</span></li>
<li><span style="line-height: 1.5em;">Samsung's former top legal officer </span><span style="line-height: 1.5em;">Kim Yong-chul accused the company "of engaging in bribery, money-laundering, evidence tampering, stealing as much as $9 billion, and other crimes," says Eichenwald. There was an investigation, but nothing came of it.</span></li>
<li><span style="line-height: 1.5em;">Eichenwald also has a list of instances where Samsung copied a rivals' technology. The rival sues Samsung, and it just countersues until its products are going to be blocked, at which point it settles. </span></li>
</ul>
<p><span><span><span>These paint a pretty damaging picture for Samsung's reputation, but nothing in the story is as jaw dropping as the following story:</span></span></span></p>
<p style="padding-left: 30px;">One day in March 2011, cars carrying investigators from Korea's anti-trust regulator pulled up outside a Samsung facility in Suwon, about 25 miles south of Seoul. They were there ready to raid the building, looking for evidence of possible collusion between the company and wireless operators to fix the prices of mobile phones.</p>
<p style="padding-left: 30px;">Before the investigators could get inside, security guards approached and refused to let them through the door. A standoff ensued, and the investigators called the police, who finally got them inside after a 30-minute delay. Curious about what had been happening in the plant as they cooled their heels outside, the officials seized video from internal security cameras. What they saw was almost beyond belief.</p>
<p style="padding-left: 30px;">Upon getting word that investigators were outside, employees at the plant began destroying documents and switching computers, replacing the ones that were being used-and might have damaging material on them-with others.</p>
<p style="padding-left: 30px;">A year later, Korean newspapers reported that the government had fined Samsung for obstructing the investigation at the facility. At the time, a legal team representing Apple was in Seoul to take depositions in the Samsung case, and they read about the standoff. From what they heard, one of the Samsung employees there had even swallowed documents before the investigators were allowed in. That certainly didn't bode well for Apple's case; how, the Apple lawyers said half-jokingly among themselves, could they possibly compete in a legal forum with employees who were so loyal to the company that they were willing to eat incriminating evidence?</p>
<p><a href="http://www.vanityfair.com/business/2014/06/apple-samsung-smartphone-patent-war.print"><strong>Read the whole story at Vanity Fair &gt;</strong></a></p>

VANITY FAIR: A Samsung Employee Ate Evidence To Foil An Investigation

Worldwide semiconductor revenue increased 25.1 per cent in 2021 to total $583.5 billion, crossing the $500 billion threshold for the first time, a <a href="https://www.businessinsider.in/tech/gadgets/news/samsung-galaxy-s22-to-cost-more-than-galaxy-s21-due-to-global-chip-shortage/articleshow/88947051.cms" data-type="tilCustomLink">Gartner</a> report showed on Monday.<br /><br />Samsung Electronics regained the top spot from Intel for the first time since 2018, with revenue increasing 31.6 per cent in 2021. Its memory revenue grew 34.2 per cent in 2021, in line with the growth rate of the overall memory market.<br /><br />Intel dropped to the number two position with 0.5 per cent growth in 2021, delivering the lowest growth rate among the top 25 vendors.<br /><br />"As the global economy bounced back in 2021, shortages appeared throughout the semiconductor supply chain, particularly in the automotive industry. The resulting combination of strong demand as well as logistics and raw material price increases drove semiconductors' average selling price higher (ASP), contributing to overall revenue growth in 2021," Andrew Norwood, research vice president at Gartner said in a statement.<br /><br />Memory was again the best-performing device category, primarily due to increased server deployments by hyperscale cloud providers to satisfy remote working, learning and entertainment needs, as well as a surge in end-market demand for PCs and ultramobile. Revenue increased $42.1 billion over 2020, which amounted to 33.8 per cent of overall semiconductor revenue growth in 2021.<br /><br />Within memory, DRAM had the best performance with revenue growth of 40.4 per cent in 2021, increasing revenue to $92.5 billion in 2021. Strong demand from servers and PCs created a DRAM undersupply that drove double-digit ASPs through most of the year.<br /><br />The 5G smartphone market also helped drive semiconductor revenue, with unit production more than doubling to reach 555 million in 2021, compared to 250 million in 2020.<br /><br />The US sanctions imposed on Huawei resulted in other Chinese smartphone OEMs gaining share and fuelling growth for 5G chipset vendors such as Qualcomm, MediaTek and Skyworks.<br /><br />Meanwhile HiSilicon, Huawei's chip subsidiary, saw revenue decline from $8.2 billion in 2020 to around $1 billion in 2021.

Despite a worldwide chip shortage, semiconductor sales cross $500 billion for the first time

<p>Apple's iPhone supply chain manufacturers say sales of iPhone 7 will be ahead of iPhone 6s but are otherwise largely flat, say analysts Shawn Harrison and Gausia Chowdhury at Longbow Research.</p><p>Apple will grow iPhone sales by about 2.5%, Longbow believes, but there are caveats to that.</p><p>For obvious reasons, Longbow did not reveal who its sources were. They are likely employees or people with internal knowledge of Apple's OEMs, or "original equipment manufacturers." Those are the companies who actually assemble iPhones, often in Asia, like Cirrus Logic (semiconductors) and MFLEX (circuit boards). Longbow published this list of companies that derive their revenues from Apple manufacturing contracts:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Longbow Research</span></p></div><p></p></div></div></p><p>"All contacts see iPhone 7 volumes as slightly ahead of the iPhone 6s," said <span>Harrison and </span><span>Chowdhury in a recent note to investors</span>.</p><p>"Contacts saw order upside during late CY3Q and during early CY4Q, particularly for the iPhone 7 Plus model, and are typically running at full capacity utilization. Contacts forecast at the midpoint 2.5% growth in orders vs. 2.0% previously."</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Bobby Yip</span></p><p class="caption">A worker in the Foxconn factory in Longhua, southern Guangdong province. Foxconn is one of Apple's suppliers.</p></div><p></p></div></div>The pair published this list of quotes from their secret sources:</p><p style="padding-left: 30px;">"iPhone 7 production will peak in October and November. It is benefiting from Samsung's incident." </p><p style="padding-left: 30px;">"We are producing with our full capacity for Apple now and we did receive some extra iPhone 7 orders since October. Now our 4Q iPhone volume is almost 15% higher than expectations, and I think the order increase is mainly for iPhone 7 Plus." </p><p style="padding-left: 30px;">"2H iPhone 7 volumes can reach over 78M, while total 2H iPhone volumes are up over 30% compared to 1H, but flat compared to last year." </p><p style="padding-left: 30px;">"iPhone 7 Plus orders are above expectations and inventory levels are low. So, many Apple suppliers are busy expanding production lines."</p><p style="padding-left: 30px;">"iPhone orders are about flat compared to last year." </p><p style="padding-left: 30px;">"Total iPhone volume in 4Q is about 75M, but still below expectations and flat or even down compared to last year. I think iPhone 7 production peak season is almost over, and Apple may start to cut orders in late December." </p><p style="padding-left: 30px;">"I heard Macbook order volume is quite large in 4Q, but still down compared to last year." </p><p style="padding-left: 30px;">"Apple may start another round of pricing cuts in December on several Apple suppliers such as flexible PCB and panel suppliers, but the pricing cuts will not affect other competitive suppliers such as DRAM and NAND and chip suppliers such as TSMC." </p><p style="padding-left: 30px;">"It is too early to say how Trump's policy changes will affect Apple's supply chain, but I think it is unrealistic to move the whole supply chain to the U.S."</p><p>The "wild card" in all of this is China.</p><p>iPhone sales to the Chinese now form about 30% of all Apple's smartphone revenues, according to UBS analyst Stephen Milunovich, and sales there <a href="http://uk.businessinsider.com/iphone-users-abandon-loyalty-to-apple-2016-11">tanked 30% in the last quarter</a>. So in order for iPhone sales to grow, they most grow faster everywhere else to offset Apple's customer losses in China.</p><p>"If China units are down by 5% in F17, we think the rest of world (RoW) would need to grow 10% in order to reach our 6% unit estimate. This is not unreasonable given higher growth rates in prior cycles but is not a slam dunk, so our 6% growth is on the optimistic side,"<span> Milunovich said in a recent note.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/bird-of-prey-bicycle-stomach-faster-safer-cycle-lying-racing-speed-cycling-2016-10">You ride this bike on your stomach and it's meant to be healthier and safer</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A1MjYyNzE67__AeQoVe2VBKVQT88jKUl" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

What Apple's suppliers are saying right now about iPhone 7 sales

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Getty / Scott Olson </span></p><p class="caption">Seth Klarman, the founder of The Baupost Group.</p></div><p></p></div></div><span>The Baupost Group, the $</span><span>27</span><span> billion Boston-based hedge fund, </span><span>had its third-losing year ever in its 33-year history in 2015. </span></p><p><span>Baupost, founded by legendary value investor Seth Klarman, fell 6.7% in 2015, according to an investor letter seen by Business Insider. Meanwhile, the average hedge fund fell 3.64% last year, according to data from <a href="https://www.hedgefundresearch.com/hfrx_reg/index.php?fuse=login_bd">Hedge Fund Research.</a></span></p><p><span>"2015 was a year of dodging relentlessly falling knives; upon deeper inspection, one superficially tempting investment after another turned out to be worse than they initially appeared. </span><span>We avoided the great majority of these and were nicked by only a handful," Klarman wrote.</span></p><p><span>"In investing, however, there is no umpire calling balls and strikes, and in retrospect we could have been even more patient at the plate. What had, for many investors, been a growing pool of red ink during the year turned into a bloodbath by year-end. To repurpose Warren Buffett's famous quote about managements and businesses, when a talented investment team confronts an exceptionally challenging market, sometimes the market wins (at least in the short run)." </span></p><p><span>Baupost, one of the world's most successful and secretive hedge funds, saw its portfolio mainly dragged down from the following investments: </span></p><ul><li><span style="line-height: 1.5em;">Cheniere Energy</span></li><li><span style="line-height: 1.5em;">Micron Technology </span></li><li><span style="line-height: 1.5em;">Keryx Biopharmaceuticals </span></li><li><span style="line-height: 1.5em;">Antero Resources </span></li></ul><p><span>In another letter to investors, Baupost's head of public investments, Jim Mooney, explained what went wrong. </span><span>Here's Mooney:  </span></p><p style="padding-left: 30px;"><span>I believe it is best to think about our 2015 results in two parts: what we brought on ourselves and what resulted from the environment in which we operated. In the first category, we made some mistakes. I will describe the two largest. Our loss on Micron resulted from the fact that we remained overly optimistic about our long-term thesis after it should have become apparent that the company's widening cost disadvantage compared to its largest competitor, Samsung Electronics, would result in lower than expected profit margins. It also should have been clearer to us that the company was more vulnerable to the decline in PC DRAM pricing than we had believed. By the time we decided to sell nearly all of our remaining position, the stock was lower - a frustrating coda to an otherwise tremendously successful investment that achieved total lifetime profitability of over $900M.</span></p><p style="padding-left: 30px;"><span>In the case of Keryx, we purchased our initial position at an average price of $14.50 per share based on what turned out to be an overestimation of initial prescriptions for Auryxia, the company's approved drug to control phosphorous levels in dialysis patients. While we remain confident in the long-term potential of Auryxia, and, thereby, our investment in Keryx, the slower sales ramp through 2015 did have a modestly negative impact on our estimate of intrinsic value. The market, however, took a much harsher view and punished the stock, driving it down </span><span>to almost 70% in less than three months from about $10 to almost $3 a share. Although this certainly was not good news for our mark-to-market P&amp;L, we believe it was a significant overreaction, and we were able to take advantage of the opportunity by investing additional capital on a private basis at what we believe is an incredibly attractive valuation. This, of course, is a great illustration of the fact that even in circumstances when we reduce our own expectations, price declines can far exceed what we judge to be warranted.</span></p><p style="padding-left: 30px;"><span>With respect to the broader investing environment, the public markets of 2015 were difficult to navigate. Opportunities for significant gains were largely confined to a small number of broadly-loved (and loftily-valued) companies. Most portfolios without those names moved sideways, at best. Those with exposure to the energy sector performed far worse. Performance in energy names was, obviously, driven by a dramatic decline in commodity prices. Companies with direct commodity exposure, like Antero Resources, fell to levels that ascribed little or no worth to valuable non-producing acreage. Even Cheniere Energy, with limited exposure to oil and gas prices, was significantly penalized by this unforgiving market.</span></p><p><span><span>During 2015, Baupost spent $2.2 billion in its public equity portfolio, adding to 23 of its already existing stock positions. The fund also initiated 22 new positions during the year. </span></span></p><p><span><span>Baupost did not return calls seeking comment in time for publication. </span></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/luxury-apartment-prices-manhattan-new-york-city-high-end-record-2016-1">The median sale price of a Manhattan apartment is now $1.15 million</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="V2bGkwMDE6I3Cr3ePvXrpOUg7Rj24Nsc" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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