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Samsung Soars To Three-Year High As AI Boom Bolsters Chip Business

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Robert Hart is a senior reporter for Forbes covering science, technology and health with a frequent focus on artificial intelligence, space, weight loss drugs and emerging technologies. He joined Forbes in 2020 and is based in London. Rob has covered everything from the billionaire space race, the health impacts of overturning Roe v.

Samsung shares hit a three-year high on Friday after the South Korean tech giant forecast a 15-fold increase in its second quarter operating profit from the same time last year, as the global artificial intelligence boom buoys demand for advanced computer chips.Shares of Samsung Electronics in Seoul, the flagship entity of the South Korean Samsung Group conglomerate, climbed 3% on Friday, reaching 87,100 Korean won per share at market close.

Samsung said it expects to make around 10.4 trillion Korean won in profit for the second quarter of 2024, or around $7.5 billion.

 

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