Samsung dials up a record £60bn profit as AI boom sees surging demand for memory chips

Samsung looks set to become the first technology company to post quarterly profits in excess of £60billion as it cashes in on the AI boom. 

The South Korean chipmaker, which is also known for its smartphones, said operating profit in the third quarter is expected to have risen almost nine-fold to £61billion. 

Business has been turbo charged by surging demand for memory chips used in AI data centres. 

Samsung, which partnered with model Cara Delevingne for its SpaceSelfie campaign, has also been boosted by the success of its latest fold ing smartphones. 

The update puts Sam sung on course for its fourth straight quar ter of record profits as AI infrastructure investment continues to outpace sup ply of memory chips. 

This has driven up chip prices as cus tomers rush to buy supplies from the likes of Samsung. 

Dan Coatsworth of AJ Bell said: ‘Samsung contin ues to benefit from unprece dented levels of demand associated with AI.’