Samsung reports a 10-fold increase in profit as AI drives rebound in memory chip markets

SEOUL, South Korea (AP) — Samsung Electronics on Tuesday reported a 10-fold increase in operating profit for the last quarter as the expansion of artificial intelligence technologies drives a rebound in the markets for computer memory chips. The South Korean semiconductor and smartphone giant said its operating profit for the Jan-March quarter came in at 6.6 trillion won ($4.8 billion), up from the 640 billion won ($465 million) it earned during the same period last year. Samsung projected the memory chip market to remain strong in the coming months, driven by the expansion of generative AI technologies, which is increasing the demand for both conventional chips used in servers and advanced chips designed to process AI, including high-bandwidth memory.