Chapter 715 The valuation is so expensive that you can't afford it
Kim Nam-ki’s plan is very simple and easy to understand.
Samsung will strengthen its cooperation with Apple and become the exclusive manufacturer of Apple's A-series chips.
Not only will the price of chips produced in the future be more favorable than now (about 20% off), but it will also provide Apple with some reference opinions on chip design.
Samsung Semiconductor plays a very active role in Apple's chip design process.
Currently, Apple iPhone 4 uses the Apple A4 processor, which is based on the ARM processor architecture and integrates an ARM Cortex-A8 processor core based on Samsung's 45-nanometer process and a PX 535 graphics processing core.
Apple's ability to design processors still lags behind the world's top semiconductor companies.
Without Samsung's support, Apple's processors would never be as handy as they are now.
If the cost of chips is reduced, Samsung will participate in the design and production of Apple chips for free in the future, which will be the biggest benefit to Apple.
But the conditions put Jobs in a bit of a dilemma.
Jobs has said on various occasions more than once that the most critical reason for the success of the iPhone is the technical support of Changtian Technology - ultra-fast and large memory, storage, large battery, and ultra-realistic camera.
These are the foundations for Apple to be thin and light while ensuring high performance.
It is also an actual use experience that cannot be brought about by relying solely on chips.
So, Jobs said very cautiously: "Kim, we have been working together for many years, and I will tell you some truth."
"We have signed orders for tens of millions of semiconductor products with Changtian Technology. It is expected that Changtian Technology's hardware products will be supplied to us throughout the life cycle of iPhone 4."
Jobs said: "Great products require great hardware support. Samsung's chips and Changtian Technology's semiconductors are equally important. I hope Mr. Jin can understand."
This is not to say that Jobs looked down upon Xia Guo or Changtian Technology, but it was purely out of interest.
The first batch of iPhone4 users have all enjoyed the advanced hardware of Changtian Technology. If we cut off the agreement with Changtian Technology now and return to Samsung's semiconductor hardware, it will be unfair to the subsequent users, and it will
Seriously damaged Apple's image.
Apple's mobile phone has been coming along for several years, but it wasn't until this year that it really became popular and became a phenomenal product.
It is absolutely impossible for Steve Jobs to dig his own grave or dig a hole for himself.
Jin Nanji was very embarrassed, and his expression suddenly changed.
Jin Nanji said: "Mr. Jobs, the development of Changtian Technology has posed a threat to the entire American semiconductor industry. I think the American industry association will take some measures sooner or later. When Apple abandons Changtian Technology at that time, it may suffer
The losses will be even greater.”
Jobs was a passionate technology geek, but he was not a businessman who was sensitive to politics and capital.
It is also for this reason that he left Apple and then returned to Apple.
Such words, spoken by Kim Nam-ki, made Steve Jobs feel very uncomfortable.
Jobs said, "What do you mean, sir?"
Kim Nam-ki said: "If Mr. insists on purchasing Changtian Technology's semiconductor products, Samsung may refuse further cooperation with Apple on chips."
Kim Nam-ki's words didn't mean death, but they already had a threatening meaning.
This made Jobs very unhappy.
Jobs smiled and said: "We will cooperate with Samsung in accordance with the contract."
Currently, Apple and Samsung have signed a chip supply agreement covering the entire supply cycle, so Jobs is not afraid of Samsung's breach of contract.
And Jobs knew very well that Changtian Technology's semiconductor products were irreplaceable, but Samsung's chips could.
If Samsung does not produce chips, there will be companies such as Infinix and Qualcomm.
It is even possible to let Apple design its own chips and let TiMC manufacture them.
This made Kim Nam-ki very unhappy. The two parties talked for several more hours, but Samsung still failed to convince Apple to stop using Changtian Technology's semiconductor products.
This is the absolute advantage of technology.
If Changtian Technology's semiconductor products can be replaced, then Samsung's expulsion conditions are still quite attractive.
Kim Nam-ki left Apple headquarters in a very unhappy mood.
Before leaving, Kim Nam-ki said: "Mr. Jobs, the semiconductor industry in the United States and the semiconductor industry in South Korea are both prospering and losing. We always believe that on the game table of semiconductors and mobile Internet, we can never leave anything to Xia Guo.
Opportunities to participate.”
"They are completely different people from us."
Jobs smiled and said, "Thank you for the reminder."
After Kim Nam-ki left, Jobs fell into deep thought.
What Jin Nanji said is consistent with what the American media reported during this period - Changtian Technology is encroaching on the Western semiconductor market.
In fact, as far as Steve Jobs is concerned, he is making products, whether it is a mobile phone or a computer, where the hardware comes from is not important. What is important is that he can make good products.
Jobs has always positioned himself as a designer. He has full control over the product and wants to be the leader of the product. The design and production of all hardware of the product must be in accordance with Jobs's intentions.
Although the hardware of Changtian Technology is not like this, at least Jobs himself believes that the hardware design of Changtian Technology is also based on his ideas, or coincides with his ideas.
Judging from the current situation.
If the relevant departments in the United States and the capital behind it have other ideas about Changtian Technology.
Then it may be more difficult for Apple to cooperate with Changtian Technology in the future.
This situation gave Jobs a huge headache.
Everyone is like this, and the threshold is constantly being raised.
For example, if you have sweets to eat now, after a long time, you will feel that the sweetness is no longer sweet, and you need to eat sweeter flavors to feel the sweetness.
Likewise, the technology industry remains the same.
After consumers have used Changtian Technology's semiconductor hardware, the threshold of technology experience has also reached a high level.
Now you have to lower this level and use some traditional traditional semiconductor hardware from Samsung. Consumers will not be able to accept it, and neither will Jobs himself.
But Jobs can only take one approach now - wait and see.
We are waiting for the final judgment on the U.S. technology market and capital environment.
Of course, Jobs himself still hopes to continue to cooperate with Changtian Technology.
After all, this can make the iPhone the most perfect mobile phone in the world, and also allow Apple to make more money.
After Kim Nam-ki left Apple, he did not return to South Korea immediately, but instead wandered around Wall Street.
Here is the capital behind Samsung—many Wall Street consortiums (Citibank, Morgan Stanley, etc.).
Samsung has been successful in the semiconductor industry. Although Samsung Electronics and South Korea can make huge profits from it, most of the profits are still taken away by the American capital behind Wall Street.
Jin Nanji came here this time hoping to make Wall Street capital feel the powerful crisis brought about by the rise of Changtian Technology.
The dividends of semiconductors, Wall Street’s most profitable project in decades, may be ended by Changtian Technology.
After all, a Xia Guo company that is completely outside the control of Wall Street is extremely scary.
Jin Nanji's eloquence is indeed very good, and he does have evidence that Changtian Technology is monopolizing the semiconductor industry.
After some lobbying, Wall Street capital is indeed facing a formidable enemy.
The sense of smell of the capital market is very sensitive.
Since Kim Nam-ki arrived in the United States, technology stocks on Wall Street, especially semiconductor stocks, have plummeted across the board.
In sharp contrast, Apple's stock, which was the leader among the crowded technology stocks, did not actually fall.
This situation also seems to indicate the tangled attitude of the American technology community towards Changtian Technology.
On the one hand, companies like Apple and Motorola can cooperate with Changtian Technology and obtain a lot of profits from it.
On the other hand, the rise of Changtian Technology and its large-scale monopoly on the semiconductor industry will inevitably mean that the capital invested by Wall Street in the semiconductor industry will be lost.
After all, for Wall Street capital, the world is never a win-win situation and is always a zero-sum game.
If Changtian Technology makes an extra dollar, Wall Street will definitely lose another dollar.
Capital on Wall Street hunts and competes with each other.
But capital has a tendency to be profitable and consistent.
When they faced the problem of Changtian Technology together, they quickly maintained a unified pace.
Regardless of whether it is Morgan, Citigroup or Goldman Sachs, they have not met to discuss the issue of Changtian Technology.
But they all realize that Changtian Technology is achieving a certain monopoly in the semiconductor industry.
Almost at the same time, many Wall Street capitals came up with two solutions.
There are two ways to deal with Changtian Technology's problems.
The first method is to use capital and technology to find ways to prevent Changtian Technology from entering the American market or even the Western market. After forcing Changtian Technology back to the Xiaguo market, all means can be used to strangle Changtian Technology.
This method is the method used by the United States to target the Japanese semiconductor market, which caused the death of a large number of Japanese semiconductor companies.
But this approach is likely to fail to solve the fundamental problem for Wall Street.
Because the Xia Kingdom is not an oriental country, but a large country with a population of more than one billion and a giant market.
The fundamental reason why many companies and projects invested by Wall Street capital are able to make money is that they have vast interests in Xia Country and can make a lot of money from Xia Country consumers.
Forcing Changtian Technology back to the Xia Kingdom may end up being counterproductive. Not only will Changtian Technology not die, it will also receive strong support from the Xia Kingdom.
Wall Street capital has no way to make money from Xia Guo's technology market, and this feeling is very uncomfortable.
The second method is the same as when Wall Street capital dealt with Samsung and other South Korean companies and Ali, Penguin and other Chinese companies.
Find a way to restructure the shares of Changtian Technology and obtain the shares of Changtian Technology.
Let Chen Xiao or Xia Guo Capital have operating rights and so-called group company control over Changtian Technology, but no controlling rights.
Let Changtian Technology become a powerful tool for Wall Street capital to make money.
The analysts of Wall Street giants are the best of the best of mankind.
They have keenly discovered that the technical content of Changtian Technology's semiconductor hardware products has surpassed traditional semiconductor industries such as Samsung by hundreds of streets.
So if we can get shares of Changtian Technology.
Then the profits obtained will definitely be more than those earned by investing in companies such as Samsung.
America, Wall Street.
Morgan Stanley.
As one of the largest consortiums behind Samsung Electronics, after receiving the news from Kim Nam-ki, Morgan Stanley immediately began to analyze the equity structure of Changtian Technology.
You wouldn’t know this without analyzing it. Once you analyze it, you will feel very surprised.
It is different from all technology original companies.
In the process of development, Changtian Technology has very skillfully protected its equity.
Changtian Technology did not seek angel rounds like traditional startups, and then seek more financing for the company, with the ultimate goal of going public.
Although this group company was short of money for a period of time, it only sacrificed the equity of some subsidiaries to obtain investment from IDG and regained its composure.
At present, Changtian Technology's group companies generally have no listed or circulating shares.
The only circulating shares are two subsidiaries, one called Yuedong Internet and the other called Bird.
It’s just that neither of these two listed companies are core subsidiaries of the group company and have no control over Changtian Technology and core technologies.
Although Xiaxin International controlled by Changtian Technology is also listed in Xiangjiang City, Xiaxin International, as a manufacturer of semiconductors, is not a designer or technology company, so it is of little significance to capital.
Changtian Technology's ownership structure makes capital very uncomfortable.
Because there is simply no way to start.
Even so, Morgan's economic experts estimated Changtian Technology Group's estimate based on the current layout of Changtian Technology, the company's size and market impact.
This estimate shocked Morgan's economic experts.
Changtian Technology’s hardware company alone has a valuation of up to 300 billion US dollars.
If you add Changtian Technology's critical care center, Galaxy Energy Company, Yinghuo Company and other powerful subsidiaries, the valuation will be at least one trillion dollars.
Trillions of dollars!
Not trillions of RMB!
Even if Morgan is sold, it will definitely not be able to afford Changtian Technology.
This calculation really shocked Wall Street capital.
When did Xia Kingdom produce such a terrifying technological monster company?
A market capitalization of trillions of dollars!
Who can afford it on Wall Street?
If you can’t afford it, find a way to buy it!
This is the character of Wall Street.
When the Soviet Union collapsed, Wall Street went crazy and bought Soviet state-owned enterprises worth tens or hundreds of billions of dollars at low prices. In a few years, their assets increased hundreds of times.
During the economic crisis in 1997, Wall Street bought assets in South Korea, Thailand, Japan and the Wanwan region at cheap prices. Today, the assets have increased dozens of times.
Now that Changtian Technology cannot afford it, we must find ways to devalue Changtian Technology, cause turmoil, and even proactively beg for peace. This is what the Wolf of Wall Street should do.