South Korean tech giant Samsung Electronics reported record operating profit of 89.5 trillion won ($62 billion) in the second quarter, driven by surging demand for AI chips. Despite this performance, the company’s shares declined sharply as investors worry about massive spending plans and growing competition from China. SK Hynix also reported record quarterly revenue of 60.5 trillion won ($42 billion) but missed market expectations. Samsung and SK Hynix, which together produce about two-thirds of the world’s memory chips, have announced combined investments of 800 trillion won ($554 billion) in new manufacturing capacity.
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