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Josh Chin

👤 Speaker
91 total appearances

Appearances Over Time

Podcast Appearances

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

Yeah, right.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

Well, so when the Iran war broke out, we knew that Iran was burning through a bunch of drones.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

And we know from previous reporting that China was a major supplier of those drone parts.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

We started digging around.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

And in the process, we contacted this group named Iran Watch that tracks weapons procurement to Iran.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

And they told us about an email that they had gotten accidentally from a company calling itself Shaman Victory Technology, which was a company based in China that was

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

openly selling a sort of German-designed engine that has been used in the Shahed drone, which is the main sort of one-way attack drone that Iran and Russia both have been using.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

And it was a completely open sales pitch that ended up in their inbox, apparently because the sales rep for Xiamen Victory Technology later told us he was using AI to target potential clients.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

And so these engines are considered dual use goods.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

They're subject to sanctions by the US and EU.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

But this company was happy to sell them without without really hiding it.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

Right.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

So this engine was originally designed by a German company called Limbach, which was purchased a few years ago by a Chinese company.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

And what it comes down to ultimately is that these are smaller factories.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

This particular company said they started only selling these engines earlier this year, which is coincidentally when the tensions between Iran and the U.S.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

started to pick up.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

It's such a small company, it just doesn't really deal in dollars.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

And so the way that sanctions work is by essentially cutting off a company's access to the U.S.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

financial system.

WSJ What’s News
Samsung Hits $1 Trillion Milestone as AI Demand Soars

For a company that doesn't deal in dollars, isn't planning to travel to the U.S.

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