Samsung with gigantic profits. It is driven by one factor
Good news is always a joy. This time, Samsung has reason to be happy, as it expects its profits to increase 15 times over last year.
Samsung Electronics just announced that it expects its profits to increase 15-fold over the next three months. Where did this huge leap come from? The development of artificial intelligence contributed to this, which caused the price of advanced integrated circuits to rise. It was AI that influenced the company’s optimistic forecasts for the second quarter. After the announcement, Samsung shares recorded a 2% increase on the stock exchange.
The South Korean tech giant also reported a 10-fold increase in profits in the first three months of the year. The company expects further growth, even greater than analysts had predicted.
Right now, we’re seeing a surge in demand for AI chips in data centers and smartphones. The AI boom has boosted Nvidia, and it’s boosting Samsung’s profits, and the entire sector, in fact.
– says Marc Einstein, Principal Analyst at ITR Corporation.
See: Will “Flying Piano” Change the Air Transport Market?
