Samsung Shares Hit Fresh Record After AI Chip Boom Lifts Profit

Samsung Electronics Co.'s shares reached a new high after the company reported its largest quarterly profit in over three years. The surge in profit was driven by the increasing demand for memory chips used in AI-related applications. The tech giant's operating profit for the fourth quarter of 2022 rose by 53% year-on-year, exceeding market expectations. This strong performance was primarily attributed to the growing popularity of AI technologies, which have led to a rise in the demand for high-performance memory chips. Despite global economic uncertainties, Samsung's chip business continued to thrive, with the company's semiconductor division accounting for the majority of its overall profit. The company's strong financial results have further solidified its position as a leading player in the semiconductor industry, as it continues to capitalize on the increasing adoption of AI technologies across various sectors.