Samsung Electronics anticipates a nine-fold increase in quarterly profits, reaching a record $80bn, driven by surging demand for memory chips used in AI data centres.

As one of the world’s largest memory chip makers, Samsung benefits from the booming AI sector, alongside rivals SK Hynix and Micron. The tech giant’s latest folding devices are also expected to boost earnings.

The global demand for AI chips has pushed up sales for manufacturers, resulting in a $1tn valuation for Samsung earlier this year. With tech giants investing over $650bn in AI projects, the future looks bright for chip manufacturers.

Despite the benefits, a shortage of semiconductors has led to price hikes, making smartphones and computers more expensive. South Korea’s plans for substantial investments in chip manufacturing could cement the country’s position as a global leader.