Driven by the 'AI fever', Samsung's second-quarter profits are on the rise.

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Samsung Electronics announced its fastest profit growth rate in years on July 5th, reflecting a recovery in demand for storage chips as global artificial intelligence development accelerates. Samsung's preliminary operating profit for the second quarter was 10.4 trillion won ($7.5 billion), higher than the expected 8.3 trillion won. Sales reached 74 trillion won. The final earnings and other details will be announced later this month. CLSA estimates that the average price of memory chips rose 15% from the previous quarter due to demand for data centers and AI development, helping Samsung's largest division turn around from losses in the same period last year.

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