Samsung’s profits expected to increase 15 times due to the prosperity of artificial intelligence

The company expects Samsung Electronics’ profits to grow 15 times in the second quarter of 2024 compared to the same period last year.

The rise of artificial intelligence has led to an increase in the price of advanced chips. The company has forecast higher profits in the second quarter of this year.

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The South Korean tech giant is the world’s largest maker of memory chips, smartphones and televisions.

Samsung shares rose 2 percent in Seoul after the profit announcement.

The company reported 10 times profit in the first quarter of this year ie January-February-March.

“Right now we’re seeing skyrocketing demand for AI chips in data centers and smartphones,” said Mark Einstein, principal analyst at ITR Corporation, a Tokyo-based research and advisory firm.

Artificial intelligence has led to big changes in markets, leading the US S&P 500 and Nasdaq to new records on Wednesday.

Chip-making giant Nvidia’s market value surpassed $3 trillion last month and remains the world’s most valuable company.

Nvidia’s market is growing largely due to AI technology and contributing to Samsung’s revenue.

Source: BBC