Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Tuesday, October 8th. I'm Julie Morgan.

Samsung is sounding the alarm.

FTX will repay its customers, but hold tight.

And FoxCon says it's building something really big.

Samsung Electronics has issued a rare apology

after warning of weaker than expected third quarter profit.

Due to delays, the South Korean tech giant is struggling to keep up with rivals in the artificial intelligence chip race.

The world's biggest memory chipmaker said its preliminary estimate for Q3 operating profit was 9.1 trillion

1 or 6.74 billion dollars down 12.8% from Q2. It expects to report

Q3 sales of $79 trillion or $58.57 billion up 6.7%

sequentially. One issue is that the delivery of HBM 3E chips to a major customer was delayed.

These high bandwidth chips were reportedly cleared to use in invidious AI processors in August.

To note South Korea's SK Hynix and Micron technology also produce HBM 3E chips and are currently

leading the market.

The head of Samsung's device solution

said management took full responsibility

for the disappointing performance

that raised concerns about the fundamental technological competitiveness and the future of the company.

The company pledged to restore its competitiveness, prepare for the future more thoroughly,

and fix any organizational culture issues.

Samsung will report its financial results on October 31st.

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