Key facts
- Samsung Electronics' operating profit increased more than 19 times to 89.4 trillion won ($58.4 billion) in the second quarter.
- The surge in profit is attributed to a continued memory chip shortage.
- Rising demand for artificial intelligence computing is a key driver of the chip shortage and Samsung's profit increase.
Samsung Electronics experienced a dramatic increase in operating profit for the second quarter, soaring more than 19 times compared to the previous year. The company reported an operating profit of 89.4 trillion won, equivalent to $58.4 billion. This substantial growth is largely driven by the ongoing shortage of memory chips, which is fueled by escalating demand for artificial intelligence computing. The sustained boom in AI is creating a significant need for the advanced memory components that Samsung produces.