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Technology

Samsung to pour $30bn into booming chip business

Top memory maker seizes initiative in field growing amid pandemic

Samsung's ability to leverage its technological edge helps to maintain profit margins and generate cashflow for big investment plans. (Photo courtesy of the company)

SEOUL -- Samsung Electronics looks set to invest more than $30 billion in its semiconductor operations for the first time this year, spending aggressively amid the coronavirus to tap steady demand for memory and ramp up its foundry business.

Brisk demand for memory chips -- for which Samsung leads the global market, with a roughly 40% share -- was a major factor in strong 2020 earnings guidance released Friday, which showed operating profit jumping 29% to 35.95 trillion won ($32.8 billion) on a 3% rise in sales despite a sluggish global economy.

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