Samsung Electronics has started trial production of Tesla’s AI5 processor on 2-nanometer lines at Taylor, Texas, moving its $16.5 billion foundry contract from announcement to silicon. Yield verification is under way, with full-scale supply expected next year and mass-production verification targeted by year-end.
The AI5 processor is expected to power Tesla vehicles, Cybercab, Optimus robots and AI data-center applications. KB Securities analyst Kim Dong-won said Samsung’s 2nm GAA yield has improved from below 50% at the start of the year to above 70%, and the foundry business could swing to profit starting in the third quarter.
However, Samsung shares have not sustained a strong rally. They were only modestly higher on Wednesday after dropping 4.05% on Monday and 0.2% on Tuesday. On Thursday, the stock gave up an early post-Federal Reserve gain, opening at 257,000 won and slipping back toward Wednesday’s 253,500 won close.
The Federal Reserve raised its benchmark rate by 25 basis points to 3.75%–4%, the first increase since July 2023. The US 10-year Treasury yield stood at 5.00% on September 16, keeping the discount rate on future technology earnings elevated. Kiwoom Securities’ Han Ji-young said investors should place greater weight on the trajectory of 10-year yields and international oil prices than on another isolated quarter-point hike.
Goldman Sachs remains bullish, maintaining a Buy rating and a 490,000 won target that implies roughly 93% upside from Wednesday’s close. The bank expects third-quarter DRAM and NAND average selling prices to rise about 20% sequentially, and HBM average selling prices to rise roughly 100% next year on AI infrastructure demand.
By contrast, BNK Investment & Securities downgraded Samsung to Hold and cut its target to 270,000 won from 300,000 won, warning that memory prices are unlikely to rise further and demand elasticity is weakening. TrendForce data put Samsung’s global foundry share at 5.9% in the second quarter, well behind TSMC’s 72.5% but slightly ahead of SMIC’s 5.4%. Mirae Asset analyst Young-gun Kim argued that Tesla and other advanced-node wins validate Samsung’s ability to manufacture data-center-grade accelerators, valuing the foundry operation at about 138 trillion won.
For crypto markets, the Fed’s tightening signal and elevated long-end yields remain the most relevant macro inputs. They can pressure liquidity-sensitive risk assets, although no specific digital asset is directly named in the developments.
