AI infrastructure investments continue to outpace chip supply, driving higher memory prices and positioning Samsung for another blockbuster quarter.
Samsung Electronics is expected to report another record quarterly operating profit, underscoring how the artificial intelligence (AI) boom continues to fuel unprecedented demand for memory chips and drive prices higher.
According to an LSEG SmartEstimate based on forecasts from 30 analysts, the world’s largest memory chipmaker is projected to post an operating profit of 86 trillion won ($56.35 billion) for the April-June quarter, nearly 18 times higher than the 4.7 trillion won reported a year earlier. If achieved, it would mark Samsung’s third consecutive quarter of record operating earnings.
The sharp earnings growth is being driven by a prolonged shortage of memory chips as demand for AI infrastructure continues to outpace supply. While high-bandwidth memory (HBM) remains a major growth engine, analysts say conventional DRAM and NAND chips are also seeing robust demand as AI workloads become more diverse. The rise of agentic AI, which performs complex, multi-step tasks, is increasing demand for both server memory and storage capacity.
Samsung supplies memory chips to leading technology companies, including Nvidia, Google and Apple, placing it at the center of the AI infrastructure buildout. Citi Research estimates that average selling prices for DRAM and NAND climbed 44% and 53%, respectively, during the second quarter.
Despite the strong outlook, analysts caution that Samsung’s reported earnings could be affected by accounting provisions for employee bonuses. Earlier this year, the company reached a wage agreement that links a portion of its semiconductor division’s profits to employee bonuses, potentially impacting quarterly results.
Looking ahead, the biggest uncertainty remains whether AI infrastructure spending can maintain its current pace. Analysts say any slowdown in cloud providers’ AI investments could eventually ease memory shortages and weigh on chip prices. Even so, Samsung expects demand to remain strong and has already secured multi-year supply agreements with customers to support future growth, although it has not disclosed contract details.
