Samsung Electronics reported a 10-fold increase in operating profit for the first quarter of 2023, driven by robust demand for memory chips used in artificial intelligence applications. The company’s operating profit surged to 6.8 trillion won ($5.2 billion), a significant jump from 600 billion won a year earlier. Revenue rose 21% to 63.8 trillion won ($49 billion). The semiconductor business, which accounted for over two-thirds of Samsung’s profit, saw a 3.5-fold increase in operating income due to strong demand for memory chips used in AI systems and high-performance computing applications. Samsung expects the AI semiconductor market to continue growing rapidly, fueling demand for its advanced chips. However, the company warned of potential risks from global economic uncertainties and rising material costs. Overall, Samsung’s impressive results highlight the growing importance of AI technology and the company’s position as a leading supplier of memory chips for AI applications.