Samsung $22 Billion Bet on A.I., 5G Forecasts Future of Technology
Samsung is planning on spending $22 billion over the next three years in some key areas as part of their $161 billion investment to solidify themselves at the top of the consumer electronics food chain. The $22 billion would be spent in four key areas according to Samsung, including artificial intelligence, 5G mobile network technology, future car electronics, and biopharmaceuticals.
They also noted that 40,000 jobs would be created, and 1,000 of those positions would be in global AI centers in the U.K., Canada, Russia, U.S. and South Korea. The lion-share of the $161 billion over the next three years will be spent on capital expenditures as well as research and development in its budding semiconductor and display business.
All this news comes just a week after Samsung posted its slowest quarterly profit growth in more than a year, so it appears that the tech giant is ready to shake things up. The move also reflects Apple's intent to spend $350 billion on many of the same narratives as Samsung, creating jobs, R&D, and capital expenditures.