Samsung's Profit Surges After AI Boom Reverses Chip Losses [Yahoo! Finance Canada]
Microsoft Corporation (MSFT)
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Source: Yahoo! Finance Canada
like Microsoft Corp. and Alphabet Inc. led a surge in spending on artificial intelligence services. Most Read from Bloomberg The world's largest memory chipmaker reported net income of 6.62 trillion won ($4.8 billion) in the March quarter, versus the average analyst projection for 5.63 trillion won. That's more than four times the company's earnings a year earlier. ADVERTISEMENT The results underscore how demand for the memory chips that power modern electronics and artificial intelligence is starting to rebound after a severe downturn. The company's shares rose as much as 2.4% in Seoul trading. Samsung, also the world's largest smartphone maker, is trying to reverse a year-long decline triggered by global economic uncertainty. In 2023, the company's overall operating profit plunged to a 15-year low after its semiconductor unit posted a loss of 14.9 trillion won. Signs are pointing to a gradual market rebound, driven in part by demand for chips used to develop AI after the
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