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Samsung plans to triple foundry chip production capacity by 2026

Tech giant's Q3 net profit surges 31% amid strong semiconductor demand

South Korea's Samsung Electronics is going big on its foundry chip business amid a global shortage.   © Reuters

SEOUL -- Samsung Electronics said Thursday that it plans to triple its foundry production capacity by 2026 amid a global chip shortage disrupting production in key industries from autos to smartphones as it reported strong third quarter earnings.

The world's biggest chipmaker by sales said that it will expand its production lines in Pyeongtaek, south of Seoul, and may build a new factory in the U.S. to meet rising demand for the chips that are made-to-order for corporate customers. The South Korean tech giant is working to raise its game in the foundry business and plans to make the components more cost-effective.

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