Not long ago Samsung Electronics was in the doldrums(处于低迷状态). In 2024 the South Korean giant apologised for failing to maintain “technological competitiveness” and “falling short of the market’s expectations”. It has no need for contrition(悔悟；忏悔) these days. This month its market value, which has soared by 400% in the past year, hit $1trn for the first time, propelled by furious spending on artificial-intelligence infrastructure. In the first quarter of 2026 its operating profit rose to 57trn won ($38bn), more than eight times as much as a year before. Analysts expect profits to keep rising at a blistering pace(极快的速度；惊人的速度), thanks in particular to the seemingly insatiable demand(无法满足的需求) for its advanced memory chips.
不久前，三星电子还处于低迷状态。2024年，这家韩国巨头因未能保持“技术竞争力”和“未达到市场预期”而道歉。如今，它不再需要忏悔。本月，其市值在过去一年飙升400%后，首次突破1万亿美元，这得益于人工智能基础设施的疯狂投入。2026年第一季度，其营业利润增至57万亿韩元（380亿美元），是去年同期的八倍多。分析师预计利润将继续以惊人的速度增长，这尤其要归功于市场对其先进内存芯片似乎永不满足的需求。
Samsung Electronics manages a wide portfolio(产品组合；业务组合) of products, making everything from fridges to phones. Increasingly, however, its business centres on chipmaking. Semiconductors accounted for 61% of sales and 94% of operating profits in the first quarter. It is one of just three firms capable of making at scale the memory chips needed for AI, alongside SK Hynix, a South Korean rival, and Micron, an American one. The number of memory chips Samsung sold in the first quarter was up by about 20% on the preceding three months, but the average selling price rose by 90%. The firm boasts that memory-starved buyers are approaching them to demand long-term purchase agreements(长期购买协议). It foresees the shortage lasting well into next year.
三星电子经营着广泛的产品组合，从冰箱到手机无所不造。然而，其业务越来越集中在芯片制造上。第一季度，半导体占销售额的61%和营业利润的94%。它是仅有的三家能够大规模生产AI所需内存芯片的公司之一，与韩国竞争对手SK海力士和美国的美光并列。三星第一季度销售的内存芯片数量比前三个月增加了约20%，但平均售价上涨了90%。该公司声称，缺乏内存的买家正在找上门来，要求签订长期购买协议。它预计短缺将持续到明年。
Samsung is expanding capacity, but relatively slowly. A new facility will start mass-producing chips for sale later this year, and the firm will begin building another, which will cost it some $55bn, in July. Yet that factory, known as P5 Fab 2, will not be ready until 2030. And although capital expenditure(资本支出) is set to rise by 55% this year, according to Daniel Kim of Macquarie, a bank, it is falling as a share of revenue(占收入比例下降).
三星正在扩大产能，但速度相对较慢。一座新工厂将于今年晚些时候开始量产芯片，该公司将于7月开始建设另一座耗资约550亿美元的工厂。然而，这座名为P5 Fab 2的工厂要到2030年才能准备就绪。而且，根据银行麦格理的Daniel Kim的说法，尽管今年资本支出将增加55%，但占收入的比例却在下降。