Samsung profit soars 19 times but shares slump 6.9% on oversupply worries

South Korean chipmaker plans to build more fabs to meet rising demand on AI boom Samsung Electronics continues to ride the AI boom to massive profit increases but concerns are increasing over a potential glut of memory chips. © Reuters SEOUL — Samsung Electronics' operating profit soared more than 19 times to 89.4 trillion won ($58.4 billion) in the second quarter from a year ago, the company said on Tuesday, as a memory chip shortage continues due to rising demand for artificial intelligence computing, but the announcement failed to calm investors nervous that the good times may not last.

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