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Samsung’s operating profit soars 930% as AI tailwinds drive demand for memory chips
Samsung said its memory chip business returned to profitability, and prices continued to rise thanks to demand for DRAM chips used in genAI applications.
“In the second half of 2024, business conditions are expected to remain positive with demand — mainly around generative AI — holding strong, despite continued volatility relating to macroeconomic trends and geopolitical issues,” the company said in a statement. Demand for mobile is expected to be stable in the quarter, while PC customers are predicted to be affected by slow seasonality, making them likely to adjust their inventories ahead of new product launches in the second half of the year,” the company said. Two weeks ago, theBiden administration agreed to award Samsung up to $6.4 billion in direct funding under the CHIPS and Science Act to set up semiconductor factories in Texas.
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