AI chip boom pushes Samsung profits to record $80bn

Samsung Electronics says it expects a nine-fold surge in its quarterly profits compared with a year earlier, driven by surging demand for memory chips used in artificial intelligence (AI) data centres.

Samsung is one of the world's largest memory chip makers alongside local rival SK Hynix and Micron in the US, which produce chips crucial for AI firms like Nvidia.

The firm's full third-quarter earnings will be released at the end of October.

There has been huge global demand for computer chips that power AI development, helping to lift the earnings and shares of manufacturers linked to the technology.

Investment in the industry has surged, with US tech giants including Google, Amazon and Meta pledging to pour more than $650bn into AI projects this year.

Rival Asian firms in Japan, China and Taiwan are also investing heavily in chip plants as demand for AI soars.

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