South Korean technology giant Samsung Electronics has announced it expects to post a 19-fold jump in its profits, driven by global demand for artificial intelligence (AI) memory chips. The company forecast operating profits of 89tn won (£44bn; $58bn) for the period between April and June, marking its third record quarterly operating profit in a row. The forecast comes as demand for semiconductors continues to outstrip supply, pushing up prices. Samsung is one of the world's largest semiconductor manufacturers, producing chips for companies like Nvidia and Google. Shares in Samsung have more than doubled in price since the start of this year, while South Korean rival SK Hynix has seen its shares jump by more than 200%. The company's preliminary earnings release is a standard practice for major South Korean firms to guide investors ahead of official detailed reports.
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