Samsung's quarterly profit surges on AI chip demand
Samsung reported an 1,813 percent surge in second-quarter operating profit driven by AI chip demand, helping stabilize South Korea's benchmark Kospi stock index.
South Korean technology giant Samsung reported a massive surge in second-quarter operating profit, driven by strong global demand for memory chips used in artificial intelligence applications. The company's operating profit jumped by 1,813 percent compared to the same period last year, exceeding market expectations.
The stronger-than-expected earnings result helped ease pressure on South Korea's financial markets. Samsung and rival semiconductor maker SK Hynix account for approximately 60 percent of the benchmark Kospi index. Following days of market volatility and falling stock prices, the Kospi stabilized after the announcement as Samsung's stock traded higher. The results underscore how global investment in AI hardware continues to drive growth for leading memory chip manufacturers.
Sources: ORF, Sweden Herald.