AI chip boom lifts Samsung profits by 1,800%
Summary
Samsung Electronics expects its profits to rise about 19 times in the April to June period due to strong global demand for artificial intelligence (AI) memory chips. This marks the company's third record quarterly profit in a row as chip demand remains higher than supply, raising prices.Key Facts
- Samsung expects to earn 89 trillion won (about $58 billion) from April to June.
- This profit forecast is 19 times higher than the previous period.
- It will be Samsung's third consecutive quarter with record operating profits.
- The growth is driven by strong demand for AI memory chips worldwide.
- Samsung makes semiconductor chips used by major tech companies like Nvidia and Google.
- Global chip demand currently exceeds supply, causing prices to increase.
- Samsung’s stock price has more than doubled since the beginning of the year.
- South Korean chipmaker SK Hynix’s shares have also increased by over 200% this year.
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