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Artificial intelligence boosts profits, stocks surge

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Explosive demand for artificial intelligence is propelling Samsung Electronics to new heights, with shares reaching their highest levels in over a year. The South Korean tech giant has announced better-than-expected profit forecasts for the second quarter, leading to a surge in stock prices.

Operating profit for the April to June quarter is anticipated to soar by an impressive 1,452% from a year ago, reaching approximately 10.4 trillion Korean won. This significant growth is attributed to the booming AI market and the increased need for AI technologies.

With memory chip prices on the rise and a resurgence in demand for consumer electronics, Samsung is reaping the benefits of its investments in AI. The company’s focus on generative AI, as seen in its Galaxy S24 Ultra smartphone, is driving growth and innovation in the sector.

While delays in high-bandwidth memory (HBM) production have impacted certain partnerships, Samsung’s market share and capacity have allowed it to capitalize on the AI market’s growth. The company’s earnings surprise highlights the resilience and adaptability of its business strategy.

As one of the top memory chipmakers globally, Samsung’s strong performance is indicative of the broader surge in AI-driven technologies. The company’s collaboration with industry leaders and its commitment to technological advancement position it for continued success in the evolving landscape of artificial intelligence.

Samsung’s strategic focus on AI technologies has proven to be a lucrative investment, driving profits and offering innovative solutions to consumers. By leveraging its expertise in memory chips and electronics, the company is at the forefront of the AI revolution.

The future looks promising for Samsung as it continues to expand its AI capabilities and solidify its position in the global tech market. With a strong emphasis on research and development, the company is set to lead the way in the era of artificial intelligence.

For more insights and updates on Samsung’s second-quarter performance and AI advancements, please visit the official CNBC article here.

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