Samsung Reports Record Q2 Profit Amid AI Boom

Samsung Electronics reported a 15-fold increase in operating profit for Q2 2023, reaching 10.4 trillion won ($7.5 billion), driven by robust demand for memory chips and OLED panels. Consolidated revenues rose by 23% to 74 trillion won ($53 billion), attributed to favorable market conditions and increased AI investments by cloud service providers and businesses. The semiconductor unit, a major contributor, posted an operating profit of 6.45 trillion won, marking its second consecutive profitable quarter. With AI servers expected to capture a larger market share in the second half, Samsung is ramping up production capacity to meet the growing demand for high-bandwidth memory chips. The company also saw a significant increase in net income, rising to 9.64 trillion won from 1.55 trillion won the previous year. This performance underscores a recovery in the global computing markets, boosted by investments in AI development from both the US and China.