Samsung posts record profit in Q3 on AI chip boom

SEOUL, Oct 29 (Reuters) - Samsung Electronics said on Thursday its operating profit rose nearly ninefold to a record high in the third quarter, driven by robust demand for AI chips, even as investors remained wary about the durability of AI spending.

The world's top memory chipmaker reported operating profit of 107.4 trillion won ($80.04 billion) for the July-to-October period, in line with its estimate and up from 12.2 trillion won a year earlier.

Its cross-town rival SK Hynix on Wednesday reported strong earnings and an upbeat outlook, helping to ease market concerns that AI-driven chip earnings could lose momentum, driving up shares of Samsung and SK Hynix.

($1 = 1,341.7500 won)

(Reporting by Hyunjoo Jin; Editing by Sonali Paul)