Samsung poised to report 18-fold Q2 profit on AI demand
Business
Samsung is about to report a huge 18-fold increase in its second-quarter profits, thanks mostly to the global rush for memory chips powering AI tools like ChatGPT.
With earnings dropping on Tuesday, July 7, investors are hoping these strong numbers will calm worries about too much industry supply and whether big bets on AI are really paying off.
Memory prices surge, Samsung plans ₩800T
Memory chip prices have shot up: over 40% for DRAM and more than 50% for NAND this past quarter, according to HSBC.
To keep up, Samsung (along with SK Group) plans to pour 800 trillion won into building four new plants.
Plus, there is buzz that Samsung is teaming up with Anthropic to make a custom AI chip, showing they are not slowing down anytime soon.