AI chip boom pushes Samsung profits to record 80bn

Image caption, Samsung is also one of the world's biggest smartphone makers 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. The tech giant estimates that its operating profit for the three months to the end of September will jump to 107.4tn won (£61bn; $80bn), its fourth quarter in a row of record earnings. 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. Samsung, which makes the Galaxy Fold and S26 smartphones, is also expected to get a boost from its latest folding devices that were launched in August. The firm's full third-quarter earnings will be released at the end of October.