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Samsung to splurge £17bn on AI, 5G and chip development

KOREAN PHONE FLOGGER Samsung has announced plans to splurge 25 trillion won (£17bn) on the development of artificial intelligence (AI), biopharmaceuticals, 5G and other futuristic tech.

Samsung will spend the cash over the next three years as part of an overall 180 trillion won (£124bn) plan in a bid to “bounce back from recent financial disappointment” – a nod to the firm’s unusually slow second quarter which was blamed on “sluggish” smartphone sales and “weak demand” for its OLED panels.

While Samsung is pledging to increase its investment in displays “to develop high-value, differentiated products amid rising competition in the industry”, the company is looking to otherwise diversify its efforts. 

In the area of AI, for example, which Samsung expects to “drive the industry’s transformation”, the company plans to “significantly expand” its research capability, increasing the number of advanced AI researchers to 1,000 across its AI Centers in the UK, Canada, Russia, US and South Korea.

Samsung will throw even more money at its chip division, which continues to surpass expectations and recently saw the firm overtake Intel as the world’s biggest chipmaker

The firm says it “aims to become a leader in electronics components for future cars such as system-on-chips for autonomous driving”, adding that it will continue to invest in its DRAM and flash memory products. 

And in a bid to take on the likes of Google and IBM, Samsung will also invest “heavily” in biopharmaceuticals, which will include the funding of drugs used to treat “chronic and difficult-to-cure diseases.” 

All-in-all, Samsung expects to create 40,000 new jobs over the next three years. 

“This includes generating up to 20,000 additional new jobs on top of previous hiring plans, reflecting Samsung’s commitment to support youth employment,” the company said. 

“Along with the direct employment, the investment in Korea is expected to help induce approximately 700,000 jobs in related industries and businesses.” µ

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Source : Inquirer

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