Record profits forecast for Samsung with dramatic increase in AI chip demand

• Samsung is targeting around 20 trillion won next quarter
• 17 trillion won could come from chip sales alone
• Smartphones are still selling well, for now

Samsung has announced it's expecting to make 19.9-20.1 trillion Korean won ($13.8 billion) next quarter, marking a more than 3x increase compared with the same period the year before.

This would mark Samsung's highest-ever quarterly result of 17.6 trillion won in 2018, but it also beats analyst expectations of 18 million won.

Much of the company's success is expected to come from a surge in demand for memory chips – manufacturers have been targeting more profitable AI servers, leading to a strain on supply for PC and smartphone components.