Samsung Looks Past $3.4 Billion Chip Loss to Late 2023 Recovery

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Samsung plans to maintain 2023 investment in memory chips at about last year’s level, as it seeks to safeguard its longer-term competitiveness. Photo: Bloomberg

(Bloomberg) — Samsung Electronics Co. Ltd. posted a record $3.4 billion loss at its pivotal memory chip division, but said it expects the global tech industry to begin emerging from its downturn later this year.

It joined SK Hynix Inc. in predicting some relief from a broad tech recession that’s hit the world’s biggest names from Apple Inc. to Intel Corp. Asia’s largest electronics company said Thursday it expects demand to only gradually improve in a range of markets from smartphones to PCs and storage, driven by a Chinese economic recovery and accelerating artificial intelligence (AI) development.

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