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The European Commission launched an initiative to connect investors with technology start-ups.
Samsung announced an increase in revenue for the second quarter of more than 20%. The surge results from heightened demand for AI products, resulting in a major bump for its memory chips.
The company estimates sales hit KRW74 trillion ($53.6 billion) in the quarter ending 30 June 2024, up 23%. Operating profit is estimated to increase 15-fold to KRW10.4 trillion, from KRW670 billion a year earlier. The guidance reflects a trend among big technology companies to develop advanced AI models, resulting in demand for D-RAM chips. Prices of D-RAM have also risen by 13% to 18% over the period.
The company’s chip division will post an operating profit of KRW5 trillion in Q2, compared to a KRW4.4 trillion loss a year earlier. Samsung is due to launch its next line-up of devices, with a major push on AI features, at an event in Paris next week. Analysts expect Samsung to begin supplying HBM chips to Nvidia later this year. The company is however yet to pass Nvidia’s qualification tests, with CEO Jensen Huang stating last month more engineering work was needed.
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