Samsung Electronics expects profits for Q2 2024 to jump 15-fold compared to the same period last year, attributed largely to the AI boom which has transformed the prices of advanced chips.

The South Korean firm is the world’s largest maker of memory chips, smartphones and televisions. The news pushed Samsung shares up more than 2 per cent during early trading. The firm reported a more than tenfold jump in its profits for the first quarter of this year.

For this quarter, it said it is expecting its profit to rise to KRW10.4 trillion won (€6.9bn), from KRW 670 billion on the same period last year.

The market value of chip-making giant Nvidia surged past $3 trillion in June, briefly holding the top spot as the world’s most valuable company, before Microsoft reclaimed the lead.

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