In a major win for its U.S. foundry business, Samsung earlier this week reached a $16.5 billion deal to manufacture AI chips for Tesla. Samsung Vice President Mijung Noh in the call said he expects to secure additional orders from other large customers but didn't disclose additional details. Contrary to Samsung's optimistic outlook, second-quarter net profit declined 48% from a year earlier to 5.116 trillion won, equivalent to $3.67 billion. That missed the 5.740 trillion won consensus estimate of analysts in a FactSet poll. Compared with the previous quarter, profit fell 38%. Revenue rose 0.7% to 74.566 trillion won, while operating profit dropped 55% to 4.676 trillion won, both largely in line with the company's preliminary estimates. Samsung booked one-off inventory-value losses on unsold advanced chips due to U.S. export controls on China.