Memory chipmaker Samsung projected its Q2 operating profit at 89.40 trillion Korean won (about $58.40 billion), representing a 19-fold increase, as AI chip demand remains sky-high. This is great news for another memory chipmaker, Micron Technology (MU), which is just coming off a high after a blockbuster earnings report.
Micron is experiencing skyrocketing demand amid soaring memory costs. While it’s a pain for tech giants buying these chips, it's been a boon for Micron. The company said its average DRAM selling price jumped more than 260% year-over-year (YOY) in the fiscal third quarter. Chief Business Officer Sumit Sadana also said the company has secured long-term supply deals with consumer-focused smartphone and PC makers.