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The Chairman of Samsung Electronics (OTC:SSNLF), Jay Y. Lee, has been in discussions with the heads of Meta (NASDAQ:META), Amazon (NASDAQ:AMZN), and Qualcomm (NASDAQ:QCOM) this week.
What Happened: During his two-week visit to the United States, Lee met with Mark Zuckerberg of Meta, Andy Jassy of Amazon, and Cristiano Amon of Qualcomm, Reuters reported on Thursday. The discussions revolved around potential areas of cooperation, including artificial intelligence, cloud services, and semiconductors.
Samsung revealed that these discussions will guide a strategic company-wide meeting scheduled for the end of June. The tech giant from South Korea is aiming to solidify its position in the chip market, particularly in high-end memory for AI applications.
See Also: A Day After Shutting Down Tesla Phone Rumors, Elon Musk Says It Is ‘Not Out Of The Question’
Both Amazon and Meta are significant clients of Samsung’s chips, and the companies also collaborate in various fields such as TV, mobile, and content. Samsung’s high-end smartphones utilize Qualcomm’s Snapdragon mobile processors, and the companies have recently broadened their partnership to AI-enabled PCs.
Why It Matters: Samsung has been grappling with challenges in the chip market, losing traction to competitors. The firm’s newly appointed semiconductor division head has called for unity among staff to overcome these hurdles. In May, Samsung named Young Hyun Jun as the new chief of its semiconductor division to address the “chip crisis” and compete in the AI chip market.
Earlier in April, Samsung secured a $6.4 billion grant from the U.S. government to expand its chip-making operations in Texas. This was part of a broader initiative by the Biden administration to rejuvenate semiconductor manufacturing in the United States.
In the same month, Samsung announced its intention to mass-produce the pioneering 5th generation HBM3E chip in the second quarter, following a successful first quarter. This chip is capable of stacking DRAM chips up to 12 layers.
Most recently, in June, Samsung appointed a former Apple executive to lead its newly formed North American AI division, indicating a significant focus on AI development.
Image by Sybillla via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
