Samsung Electronics posts record quarterly profit on AI boom

Samsung Electronics said on Thursday its quarterly operating profit had jumped 750 percent year-on-year on the back of strong sales of chips crucial for artificial intelligence. The company said its memory arm surpassed its quarterly sales record by addressing high-value-added AI demand despite limited supply availability.

The company has seen strong orders from major technology firms for high-bandwidth memory which are useful in carrying out demanding tasks and computation. As Samsung has emerged as a key player in the supply of high-performing chips in South Korea, the government has pledged to make the country one of the world's AI powers.