Samsung Electronics is expected to report an 18-fold surge in second-quarter profit driven by strong demand for AI memory chips. This was reported by Qazaqyia.kz citing Reuters.
The company's operating profit for April-June 2024 is likely to reach 8.8 trillion won ($6.34 billion), compared with 670 billion won in the same period last year. The growth is fueled by rising demand for high-performance memory chips used in AI, including HBM (high bandwidth memory) and DDR5 DRAM chips.
Samsung is the world's largest memory chip maker and a key beneficiary of the AI boom. Its shares have risen 20% this year, but lag behind rival SK Hynix's 60% gain. Analysts say Samsung needs to increase its share in HBM chip production.
The company will announce its quarterly results on July 5.