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Samsung Electronics Co (OTC:SSNLF) has appointed a new head for its semiconductor division, aiming to address the “chip crisis” and compete in the AI chip market.
What Happened: Samsung has named Young Hyun Jun as the new chief of its semiconductor division, effective immediately, Reuters reported. Jun, who previously led the future business planning unit, is expected to help Samsung catch up with its competitors in the AI chip market.
Analysts believe that this move is a response to the increasing demand for high-end chips, particularly in the AI sector, where Samsung has been trailing behind companies like SK Hynix.
Jun, 63, has a strong background in the memory chip business, having previously led Samsung’s memory chip business from 2014 to 2017. He also served as the CEO of Samsung SDI, the company’s battery arm, from 2017 to 2022.
Why It Matters: Samsung’s decision to appoint Jun comes in the wake of its efforts to revamp its chip manufacturing. In March, Samsung adopted a new chip-making technique to enhance its position in the high-end chip market, a move that was previously advocated by SK Hynix.
SK Hynix, a key supplier to NVIDIA Corp (NASDAQ:NVDA), also reported its first profitable quarter in five, attributing the turnaround to soaring demand for AI chips. The company’s strong performance was driven by its leadership in AI memory technology, particularly high-bandwidth memory, which is crucial for AI chipsets.
Meanwhile, Samsung and the broader South Korean semiconductor industry have experienced substantial growth, marking a significant rebound in production and shipments. In November, chip production surged by 42% compared to the previous year, the highest increase since early 2017. Simultaneously, shipments experienced an 80% rise, the most significant gain since late 2002.
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