Samsung sinking $22 billion into artificial intelligence, auto tech

Samsung sinking $22 billion into artificial intelligence, auto tech

The South Korean tech giant said the latest investment centers on building up its artificial intelligence, fifth-generation network, bio and automotive operations through the investment plan announced earlier in the day.

The investment is part of a broader KRW 180 trillion (roughly Rs. 11 lakh crores) package South Korea's biggest business group is planning to spend over the period to create jobs and secure new growth areas, as its core semiconductor and smartphone businesses weaken.

To expand its AI capability, Samsung will be increasing the number of researchers to 1000 across its global AI centres in the UK, Canada, Russia, US and South Korea.

The company said the investment made locally will have the effect of creating some 700,000 jobs, especially from the chip and display industries. "It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars", it said in a statement.

Moscow slams U.S. sanctions as 'absolutely illegal' while Russian markets tumble
His administration has sanctioned a number of Russian officials and oligarchs for human rights abuses and election meddling. He said the new sanctions amount to "inflicting a punishment in the absence of a crime, in the tradition of lynch law".

Today's update comes after the company reported an operating profit of KRW14.87 trillion ($13.3 billion) for its second quarter, down 5% sequentially but up 6% year-on-year. The figure translates into around 43 trillion won annually, which is similar to Samsung's record high facility investment of 43.4 trillion won made past year.

No company in South Korea can match Samsung's scale in investment or job creation. A total amount of 110 billion won will be raised for the program, with Samsung accounting for 60 billion won.

With 130 trillion won of the combined 180 trillion won meant to be invested at home, Samsung said around 700,000 jobs will be created overall here following its move.

This still gives it a market share of 20.6 per cent, but even Samsung acknowledged in its results that sales of its newer devices hadn't been as good as excpected. Samsung's target is to provide support for 300 external candidates and 200 internal projects in the next five years.

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