Samsung sets aside $160bn to boost memory chip production and AI research
The company posted a record profit in 2017 and continues to lead the world in smartphone sales and supply screens for Apple’s iPhone X
Samsung, South Korea’s biggest conglomerate, plans to invest 180-trillion won ($161bn) to ramp up its ability to produce memory chips and other products vital to future growth, lending its support to President Moon Jae-in’s efforts to shore up a slowing economy. The spending will boost research and expenditure in artificial intelligence, fifth-generation wireless networks, bio-pharmaceuticals, displays, semiconductors and other key programmes over the next three years, according to Samsung Electronics, the group’s crown jewel. Almost three-quarters of that investment will be made at home, it said in a statement. Samsung made the announcement days after its de-facto chief, Lee Jay Y, met with finance minister Kim Dong-yeon, at a chip factory south of Seoul. The company posted a record profit in 2017 and continues to ride a global rally for semiconductors, lead the world in smartphone sales and supply screens for Apple’s iPhone X. "Samsung’s brimming with cash right now," said Kwon Su...
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