Samsung reports a 10-fold increase in profit as AI drives rebound in memory chip markets

SEOUL, South Korea (AP) — Samsung Electronics on Tuesday reported a 10-fold increase in operating profit for the last quarter as the expansion of artificial intelligence technologies drives a rebound in the markets for computer memory chips.

The South Korean semiconductor and smartphone giant said its operating profit for the Jan-March quarter came in at 6.6 trillion won ($4.8 billion), up from the 640 billion won ($465 million) it earned during the same period last year.

Revenue rose by nearly 13% to 71.9 trillion won ($52 billion), driven by higher prices for memory chips and robust sales of its flagship Galaxy S24 smartphones, the company said.

The company earned 1.91 trillion won ($1.38 billion) in operating profit from its semiconductor business, marking the division’s first quarterly profit since the fourth quarter of 2022, as the chip market continues to recover from a cyclical slump deepened by the COVID-19 pandemic and global trade tensions.

Samsung projected the memory chip market to remain strong in the coming months, driven by the expansion of generative AI technologies, which is increasing the demand for both conventional chips used in servers and advanced chips designed to process AI, including high-bandwidth memory.

“In the second half of 2024, business conditions are expected to remain positive with demand — mainly around generative AI — holding strong, despite continued volatility relating to macroeconomic trends and geopolitical issues,” Samsung said in a statement.

For smartphones, the company will continue to focus on boosting the sales of its flagship device, Galaxy S24, which is built with an array of new features enabled by AI, including live translation during phone calls in 13 languages and 17 dialects.

FILE - The logo of the Samsung Electronics Co. is seen during a media tour at Samsung Electronics' headquarters in Suwon, South Korea, June 13, 2023. Samsung Electronics on Tuesday, April 30, 2024, reported a 10-fold increase in operating profit for the last quarter as the expansion of artificial intelligence technologies drives a rebound in the markets for computer memory chips.(AP Photo/Lee Jin-man, File)

The logo of the Samsung Electronics Co. is seen at its office in Seoul, South Korea, Tuesday, April 30, 2024. Samsung Electronics on Tuesday reported a 10-fold increase in operating profit for the last quarter as the expansion of artificial intelligence technologies drives a rebound in the markets for computer memory chips.(AP Photo/Ahn Young-joon)

A Samsung Group flag, right, and South Korean national flag flutter at the company's office in Seoul, South Korea, Tuesday, April 30, 2024. Samsung Electronics on Tuesday reported a 10-fold increase in operating profit for the last quarter as the expansion of artificial intelligence technologies drives a rebound in the markets for computer memory chips.(AP Photo/Ahn Young-joon)

People walk by an advertisement of Samsung Electronics' Galaxy S24 and S24+ at a subway station in Seoul, South Korea, Tuesday, April 30, 2024. Samsung Electronics on Tuesday reported a 10-fold increase in operating profit for the last quarter as the expansion of artificial intelligence technologies drives a rebound in the markets for computer memory chips.(AP Photo/Ahn Young-joon)

A man walks by Samsung Electronics' shop in Seoul, South Korea, Tuesday, April 30, 2024. Samsung Electronics on Tuesday reported a 10-fold increase in operating profit for the last quarter as the expansion of artificial intelligence technologies drives a rebound in the markets for computer memory chips.(AP Photo/Ahn Young-joon)

BALTIMORE (AP) — Baltimore’s former top prosecutor Marilyn Mosby has applied for a presidential pardon ahead of sentencing on her recent perjury and mortgage fraud convictions, according to The Baltimore Sun.

In a letter to President Joe Biden on Thursday, the Congressional Black Caucus expressed support for her cause, repeating claims made by Mosby and her attorneys that the prosecution was politically motivated, The Sun reported.

Mosby is set to be sentenced next week. She has asked for probation while prosecutors are seeking 20 months in prison.

“As a nation that leads by example, our justice system must not be weaponized to prevent progress toward a more perfect union,” wrote Rep. Steven Horsford, a Nevada Democrat who chairs the caucus.

The letter says Mosby submitted her pardon application on Wednesday. She recently appeared on MSNBC to argue her case.

Mosby served two terms as state’s attorney for Baltimore, earning a national profile for her progressive policies and several high-profile decisions. She brought charges against the police officers involved in the 2015 death of Freddie Gray, which ignited widespread protests against police brutality. None were convicted.

The federal criminal charges stemmed from allegations that Mosby claimed a pandemic-related hardship to make early withdrawals from her retirement account, then used that money for down payments on Florida properties. Prosecutors alleged she repeatedly lied on the mortgage applications.

Mosby lost re-election in 2022 after being indicted by a federal grand jury.

“While pardon applications generally express remorse and regret, what happens when justice was not served and in fact, denied?” Mosby wrote in her pardon application, according to The Sun. “No such remorse and regret is appropriate in this case.”

FILE - Then-Maryland State Attorney for Baltimore City Marilyn Mosby speaks during a news conference on Oct. 11, 2022, in Baltimore. Mosby has applied for a presidential pardon ahead of sentencing on her recent perjury and mortgage fraud convictions, according to The Baltimore Sun. (AP Photo/Julio Cortez, File)