This is the best summary I could come up with:

Samsung Electronics said on Tuesday that its operating profit surged more than 930% in the first quarter of 2024, driven by soaring demand for its servers, memory chips and storage used in AI applications.

Samsung’s semiconductor business drove the bulk of the improvement, with sales in the division rising to KRW 23.14 trillion ($16.71 billion) in the first quarter, up from KRW 13.73 trillion ($9.92 billion) a year earlier, driven by strong demand for DDR5 chips and storage used for AI servers.

Samsung anticipates demand will remain strong in the second half of this year, buoyed by increasing adoption of generative AI.

“In the second half of 2024, business conditions are expected to remain positive with demand — mainly around generative AI — holding strong, despite continued volatility relating to macroeconomic trends and geopolitical issues,” the company said in a statement.

Demand for mobile is expected to be stable in the quarter, while PC customers are predicted to be affected by slow seasonality, making them likely to adjust their inventories ahead of new product launches in the second half of the year,” the company said.

Two weeks ago, the Biden administration agreed to award Samsung up to $6.4 billion in direct funding under the CHIPS and Science Act to set up semiconductor factories in Texas.

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