Samsung, a prominent company from South Korea, announced that it plans to invest USD 310 billion over the next five years. Most of this money will go into technology for enterprise artificial intelligence to keep up with the growing global demand.
Samsung Electronics, the main company in the business group, is already one of the biggest memory chip makers in the world. They provide important parts for the AI industry and the systems it depends on for business software and services development.
Samsung SDS, the group's IT and logistics division, will set up two AI data centers in South Jeolla and Gumi, the company said, but didn't give more details.
The company is made up of several connected companies that share the Samsung name, but it's not a single company. It is the largest chaebol in South Korea, which are big family-run companies that control much of the country's economy.
The USD 310-billion plan also has some projects that are not related to AI.
As part of the plan, Samsung said its electric-vehicle battery branch, Samsung SDI, is looking into making a new production line in South Korea for "next-generation batteries, including all-solid-state batteries."
The growth of AI has been a big boost for Samsung Electronics and SK hynix, whose high-performance memory chips are now essential for AI computing.
Samsung Electronics said its profit grew by more than 30 percent in the third quarter compared to last year, thanks to strong demand from AI.