AI boom pushes Samsung to $1T
Samsung reached a $1 trillion valuation on Wednesday as shares of the South Korean tech giant surged more than 10%, driven by the ongoing artificial intelligence frenzy fueling demand for chips. The milestone makes Samsung only the second Asian company to cross the trillion-dollar threshold, after TSMC.
The news comes on the heels of a blockbuster earnings report last week, in which Samsung posted profits eight times higher than the same period a year ago.
Every company building AI right now needs chips, and Samsung makes the memory chips that power those AI systems. Demand is surging while supply struggles to keep up, pushing prices higher and boosting Samsung’s profits.
There’s another reason shares surged on Wednesday. Reports came outyesterday that Apple has been in talks with both Samsung and Intel to manufacture chips for Apple devices on U.S. soil. Apple has long relied almost exclusively on TSMC in...
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