Samsung said on Tuesday that it expects the demand for chips and tech devices to remain strong throughout the year, driven by AI.The company reported an operating profit of 6.61 trillion won for the first quarter,

Samsung Electronics on Tuesday reported a 10-fold increase in operating profit for the last quarter as the expansion of artificial intelligence technologies drives a rebound in the markets for compute

Samsung Electronics forecast demand for artificial intelligence would hold strong and tighten supply of some high-end chips, joining rivals in benefiting from a solid rebound in the battered global memory chip market.

Samsung is the latest company to profit from AI demand, as its profits have increased more than fourfold compared to a year earlier.

The South Korean tech giant’s flagship semiconductor business swung to profit on higher memory-chip prices amid the artificial-intelligence boom.

Revenue rose by nearly 13, driven by higher prices for memory chips and robust sales of its flagship Galaxy S24 smartphones.