South Korean tech giant Samsung Electronics reported a surge in profits for the first quarter of 2024, driven by robust demand for its artificial intelligence (AI) chips and solutions. The company’s net profit jumped 53% year-on-year to a record 14.1 trillion won ($11 billion), surpassing analysts’ expectations. Samsung’s semiconductor business, which includes memory chips and logic chips for AI applications, saw a 79% increase in operating profit. The AI boom has fueled demand for high-performance chips used in data centers and cloud computing. Samsung’s AI chip sales more than doubled, benefiting from the global AI race. The company also saw strong sales of its AI-powered consumer electronics, such as smart TVs and home appliances. Samsung’s CEO said the company is “well-positioned to capitalize on the AI revolution” and plans to invest heavily in AI research and development. However, analysts warn of potential risks, including rising competition and geopolitical tensions.
Source: https://www.cnn.com/2024/04/29/tech/south-korea-samsung-profits-ai-boom-hnk-intl/index.html