Samsung reports ‘major’ progress in supply deal for AI chips

Associated Press

SEOUL, South Korea (AP) — Samsung Electronics has reported progress on a major supply deal for artificial intelligence-focused chips, aiming to reassure investors following a slowdown in semiconductor profits during the last quarter. The South Korean technology giant said Thursday its operating profit for the July-September period increased by more than 277% from a year earlier to $6.65 billion. But the figure represented a 12% decline from the second quarter, which Samsung attributed largely to one-off costs such as provision of employee incentives in its computer chip division and the effects of a weaker U.S. dollar.