Samsung's next move: A $22 billion bet on new tech

Samsung will pour $22 billion into emerging technologies such as artificial intelligence and 5G as it search...

Posted: Aug 8, 2018 3:40 PM
Updated: Aug 8, 2018 3:40 PM

Samsung will pour $22 billion into emerging technologies such as artificial intelligence and 5G as it searches for new products to power growth.

The South Korean conglomerate said in a statement on Wednesday that it would invest 25 trillion won ($22 billion) in four areas over three years. In addition to AI and 5G, Samsung will focus its efforts on automotive electronics parts and biopharmaceuticals.

The tech company said it would hire 1,000 AI researchers around the world and seek to become a major player in next-generation 5G networks. It said both technologies are crucial for the development of autonomous vehicles.

Samsung is South Korea's biggest conglomerate and the world's biggest smartphone maker. But its profits have suffered from disappointing sales and slowing demand for some memory chips.

It is also facing increasing competition from Chinese rivals Huawei and Xiaomi.

The company has been hit by a series of scandals in recent years. Its de facto leader Lee Jae-yong was convicted of corruption last year, but released from prison in February.

Related: Samsung's run of record profits fizzles out

The investments announced Wednesday are part of a larger plan to spend 180 trillion won ($160 billion) over the next three years on capital expenditures and research and development.

Areas that will be targeted for investment include the company's manufacturing hubs, as well as existing memory and display businesses.

Samsung said it plans to create 40,000 new jobs over the next three years.

Terre Haute
Scattered Clouds
90° wxIcon
Hi: 92° Lo: 70°
Feels Like: 96°
Robinson
Scattered Clouds
89° wxIcon
Hi: 90° Lo: 68°
Feels Like: 95°
Indianapolis
Broken Clouds
90° wxIcon
Hi: 93° Lo: 71°
Feels Like: 94°
Rockville
Scattered Clouds
86° wxIcon
Hi: 91° Lo: 70°
Feels Like: 88°
Casey
Clear
89° wxIcon
Hi: 91° Lo: 70°
Feels Like: 93°
Brazil
Scattered Clouds
90° wxIcon
Hi: 91° Lo: 70°
Feels Like: 96°
Marshall
Scattered Clouds
90° wxIcon
Hi: 91° Lo: 69°
Feels Like: 96°
Hot and Humid 4th of July
WTHI Planner
WTHI Temps
WTHI Radar

WTHI Events

 

Illinois Coronavirus Cases

(Widget updates once daily at 7 p.m. CT)

Confirmed Cases: 145750

Reported Deaths: 7005
CountyConfirmedDeaths
Cook917744618
Lake9864421
DuPage9192474
Kane7796274
Will6839320
Winnebago306796
McHenry208897
St. Clair1965137
Kankakee130265
Rock Island99629
Madison99169
Kendall98121
Champaign93012
Boone60221
DeKalb56719
Peoria54628
Sangamon44032
Jackson33519
Randolph2877
Stephenson2755
Ogle2684
McLean26713
Clinton24017
Macon23222
LaSalle22417
Union19319
Whiteside19215
Coles17317
Grundy1695
Iroquois1605
Tazewell1468
Warren1430
Knox1360
Cass1346
Morgan1303
Monroe12913
Williamson1224
Adams1061
Jefferson10617
McDonough10215
Lee982
Henry931
Vermilion772
Pulaski760
Marion680
Perry561
Douglas540
Macoupin543
Livingston502
Jasper477
Jo Daviess461
Montgomery461
Unassigned460
Christian454
Ford371
Jersey351
Woodford342
Bureau292
Franklin270
Menard240
Fayette233
Alexander220
Carroll222
Mason220
Wabash220
Mercer210
Piatt210
Washington210
Johnson200
Hancock191
Moultrie190
Shelby191
Crawford180
Logan160
Clark150
Fulton150
Massac150
Wayne141
Bond131
Effingham131
Schuyler130
Cumberland120
Brown100
Edgar100
De Witt90
Greene90
Marshall90
Saline90
Henderson80
Lawrence70
White60
Hamilton50
Richland40
Stark40
Pike30
Clay20
Edwards20
Gallatin20
Calhoun10
Hardin10
Pope10
Putnam10
Scott10
Out of IL00

Indiana Coronavirus Cases

(Widget updates once daily at 8 p.m. ET)

Confirmed Cases: 46915

Reported Deaths: 2681
CountyConfirmedDeaths
Marion11499683
Lake5053242
Elkhart316443
Allen2717128
St. Joseph186366
Cass16369
Hamilton1518100
Hendricks1386100
Johnson1254118
Porter71237
Tippecanoe6778
Madison64864
Clark63844
Bartholomew58244
Howard56057
LaPorte55326
Kosciusko5124
Vanderburgh4806
Jackson4653
LaGrange4657
Noble45728
Hancock43735
Boone43443
Delaware42949
Marshall4273
Shelby42025
Floyd37144
Morgan32531
Montgomery29320
Grant29026
Clinton2852
Monroe26628
Dubois2646
White26010
Decatur24832
Henry24315
Lawrence23624
Vigo2288
Dearborn22723
Harrison21022
Warrick21029
Greene18432
Miami1812
Jennings17111
Putnam1688
Scott1607
DeKalb1594
Daviess14116
Orange13523
Wayne1346
Perry1279
Steuben1262
Franklin1248
Jasper1142
Ripley1147
Carroll1102
Wabash1102
Fayette987
Newton9710
Whitley884
Starke853
Randolph784
Huntington712
Wells711
Jefferson701
Fulton681
Jay680
Washington661
Knox630
Pulaski621
Clay604
Gibson592
Rush563
Adams481
Benton480
Owen471
Sullivan441
Brown381
Blackford372
Posey360
Spencer351
Fountain302
Tipton301
Crawford290
Switzerland260
Martin220
Parke220
Ohio140
Warren141
Union130
Vermillion130
Pike90
Unassigned0193