Samsung’s Profit Soars 10 Times Higher Thanks to AI Boost in Memory Chip Markets, According to WGN Radio 720

Samsung Electronics, the South Korean tech giant, has reported a staggering 10-fold increase in operating profit for the last quarter, driven by the expansion of artificial intelligence technologies. The company’s operating profit for the Jan-March quarter reached 6.6 trillion won ($4.8 billion), a significant jump from the 640 billion won ($465 million) it earned during the same period last year.

The boost in profit was fueled by higher prices for memory chips and strong sales of its flagship Galaxy S24 smartphones. Samsung’s semiconductor business also saw a turnaround, earning 1.91 trillion won ($1.38 billion) in operating profit, marking its first quarterly profit since the fourth quarter of 2022.

The company attributed the positive results to the recovery of the chip market from the impact of the COVID-19 pandemic and global trade tensions. Samsung expects the memory chip market to remain strong in the coming months, driven by the expansion of generative AI technologies that are increasing demand for both conventional and advanced chips.

Looking ahead, Samsung is optimistic about business conditions in the second half of 2024, despite potential volatility from macroeconomic trends and geopolitical issues. The company plans to focus on boosting sales of its Galaxy S24 smartphone, which features new AI-enabled capabilities such as live translation during phone calls in multiple languages and dialects.

Overall, Samsung’s impressive performance reflects the growing importance of AI technologies in driving innovation and growth in the tech industry.