Samsung to invest $22 billion for new cash cow
 

Money earmarked for AI, 5G, car electronic components, and biopharmaceuticals

Samsung will invest $22 billion over three years in AI, 5G, car electronic components and the biopharmaceutical business

Samsung Electronics, the world’s top maker of memory chips and smartphones and the group’s flagship company, did not provide a breakdown of the figures but said it will provide most of the investment.

It said the group plans to significantly expand artificial intelligence (AI) research capability, increasing the number of advanced AI researchers to 1,000 across its global AI centers, and heavily invest in biopharmaceuticals.

“Samsung has seen strong growth from both its contract manufacturing and biosimilar businesses. It will continue to invest heavily in the businesses, including developing and manufacturing biosimilars”, it said in a statement.

The three year investment plan, which includes capital spending as well as research and development in chips and displays, marks a six percent increase from its spending over the past three years.

Most of the cash will be spent in South Korea, and is expected to create 40,000 jobs, or 20,000 more than its previous hiring plans, Samsung said.

https://fudzilla.com/news/ai/46910-s...r-new-cash-cow