Seoul — Samsung Electronics plans to invest $116bn in non-memory chips by 2030to cut its reliance on the volatile memory chip market and develop chips to power self-driving cars and artificial intelligence-enabled devices. The plan underscores the South Korean firm’s ambition to challenge bigger rivals — Taiwan’s Taiwan Semiconductor Manufacturing (TSMC) in contract chip manufacturing and San Diego-based Qualcomm in mobile processing chips — as the memory chip market contracts sharply after years of an unprecedented boom. Global semiconductor makers are in a race to produce powerful chips to support new technologies such as fifth-generation (5G) mobile networks, connected cars and artificial intelligence (AI). In March, US chip supplier Nvidia agreed to buy Israeli chip designer Mellanox Technologies for $6.8bn, beating rival Intel in a deal that would help Nvidia boost its data centre and AI businesses. Samsung, which has expanded its chip business largely through organic investmen...

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