Samsung Electronics expects the memory chip market to rebound next year, drawing a year-long supply glut to an end, after introducing production cuts to get through an industry downturn.
The world’s largest producer of memory chips and smartphones forecast semiconductor prices would rise in the fourth quarter, with inventories getting quickly depleted. Samsung also said artificial intelligence applications would drive significant demand for high-end chips.
“In 2024, while macroeconomic uncertainties are likely to persist, memory market conditions are expected to recover,” the South Korean company said on Tuesday.
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