Samsung to Put $22b in AI, Auto Electronics

Samsung Electronics and its affiliated companies plan to spend $22 billion over the next three years on artificial intelligence, auto components and other future businesses, AP reported. Samsung said Wednesday it will spend the sum, amounting to 25 trillion won ($22 billion), to hire artificial intelligence researchers, to be a global player in next generation telecoms technology and to boost its presence in electronics components for future cars. The company’s investment announcement came two days after the finance minister visited a Samsung computer chip factory, where he touted Samsung’s importance in Asia’s fourth-largest economy. The investment is also part of a bigger 180 trillion won three-year plan to create jobs and secure fresh revenue streams, providing the first hint of direction for Samsung since group heir Jay Y. Lee was released from jail in February on a suspended sentence following a conviction for bribery. He is appealing the conviction. “The total investment size is not surprising. But Samsung can be more active in M&As to do better at AI or 5G, when Lee is fully back to his business,” Greg Roh, an analyst at Hyundai Motor Securities, said.