Samsung expects 780% quarterly operating profit jump on AI boom

Samsung Electronics forecast Thursday a more than 780 percent leap in third-quarter operating profit from a year earlier, buoyed by high memory chip prices as AI fuels a global supply shortage.

The South Korean giant is the world’s largest maker of memory chips — components now in huge demand as advanced types are snapped up for use in data centres powering artificial intelligence.

It estimated July-September operating profit at 107.4 trillion won ($80.1 billion), up 782.5 percent on-year, according to a company statement.