Samsung bets $22 billion on AI, 5G and auto tech


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Samsung will pour $22 billion into rising applied sciences equivalent to synthetic intelligence and 5G because it searches for brand spanking new merchandise to energy progress.

The South Korean conglomerate mentioned in an announcement on Wednesday that it could make investments 25 trillion gained ($22 billion) in 4 areas over three years. Along with AI and 5G, Samsung will focus its efforts on automotive electronics elements and biopharmaceuticals.

The tech firm mentioned it could rent 1,000 AI researchers all over the world and search to change into a significant participant in next-generation 5G networks. It mentioned each applied sciences are essential for the event of autonomous automobiles.

Samsung (SSNLF) is South Korea’s greatest conglomerate and the world’s greatest smartphone maker. However its income have suffered from disappointing gross sales and slowing demand for some reminiscence chips.

Additionally it is going through rising competitors from Chinese language rivals Huawei and Xiaomi.

samsung office flag

The corporate has been hit by a sequence of scandals lately. Its de facto chief Lee Jae-yong was convicted of corruption final yr, however launched from jail in February.

Associated: Samsung’s run of file income fizzles out

The investments introduced Wednesday are half of a bigger plan to spend 180 trillion gained ($160 billion) over the subsequent three years on capital expenditures and analysis and growth.

Areas that might be focused for funding embrace the corporate’s manufacturing hubs, in addition to current reminiscence and show companies.

Samsung mentioned it plans to create 40,000 new jobs over the subsequent three years.

CNNMoney (London ) First printed August eight, 2018: 11:09 AM ET

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