AI boosts profits, stocks rise

Samsung’s logo is seen at its pavilion during the Mobile World Congress in Barcelona, ​​Spain, on February 28, 2024. (Photo by Joan Cros/NurPhoto via Getty Images)

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Shares of Samsung Electronics rose to their highest level since January 2021 after the South Korean tech giant said it expects better-than-expected second-quarter profit thanks to booming demand for artificial intelligence.

The stock climbed as much as 2.24 percent on Friday morning to hit a high of 86,500 Korean won ($62.73), according to LSEG data. Samsung shares closed at 84,600 won on Thursday.

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