Samsung, the South Korean tech giant, has reported staggering profits for the first quarter of 2024, marking a remarkable 931% increase compared to the same period last year. The company attributes this unprecedented growth to its strategic focus on artificial intelligence (AI) technology.

The global surge in the adoption of AI has driven strong demand for semiconductor chips, positioning Samsung to capitalize on this lucrative market. The company anticipates significant profits as it continues to meet the rising demand for AI-related technology products.

According to Samsung's official announcement, the operating profit for the first quarter of 2024 is expected to nearly quintuple, reaching approximately 6.6 trillion yen or $4.89 billion. This remarkable growth represents a substantial turnaround from the challenges posed by the COVID-19 pandemic and underscores the resilience of Samsung's business strategy.

Samsung's semiconductor segment remains a key revenue driver, benefiting from the heightened demand for chips fueled by the proliferation of AI technology. The recent earthquake in Taiwan has temporarily disrupted the chip market, further bolstering Samsung's sales prospects.

In addition to its success in the semiconductor market, Samsung has bolstered its position in the smartphone industry with the launch of the Galaxy S-24. Introduced in January 2024, the Galaxy S-24 has contributed to Samsung's overall revenue growth and reinforced its presence in the competitive smartphone market.

As Samsung prepares to officially announce its first-quarter results at the end of this month, the company's remarkable performance underscores the transformative impact of AI technology on its business operations and financial success.