Record profits fail to impress Samsung investors

Samsung Electronics estimated third-quarter operating profit at 107.4 trillion won in Seoul on Thursday, but investors remained unconvinced by the record result. Profit rose 782.5 percent from a year earlier, marking a fourth consecutive quarterly record, while the company’s shares fell 2.42 percent. Analysts remain divided over the durability of the memory-chip boom and whether Samsung should increase shareholder returns.

Foreign and institutional investors sold net amounts of 348.5 billion won and 647.7 billion won in Samsung shares, respectively, while retail investors bought 959.7 billion won.

Foreign investors had been net sellers for eight consecutive sessions since Sept. 28.

Samsung’s shares had still risen about 296 percent since last September despite the recent sell-off.

Samsung has a policy of returning 50 percent of free cash flow generated between 2024 and 2026 to shareholders.

The KOSPI closed at 6,625.93, down 2.62 percent, while the Kosdaq fell 0.69 percent to 892.27.

Published Oct 8, 2026 4:32 pm KST

Market skeptical of how long AI chip boom can last

A Samsung Electronics logo appears in this illustration taken August 2025. Reuters-Yonhap

Even quarterly operating profit exceeding 100 trillion won ($74.65 billion) wasn't enough to impress investors in Samsung Electronics, whose shares have fallen about 30 percent from their June 19 peak.

On Thursday, the Korean chipmaker estimated third-quarter operating profit at 107.4 trillion won, an increase of 782.5 percent from a year earlier and its fourth consecutive quarter of record earnings. No company, not even tech giants like Apple or Nvidia, has ever surpassed 100 trillion won in quarterly operating profit.

Yet the blockbuster results did little to dispel investor skepticism over the sustainability of its earnings growth.

On Thursday, Samsung shares closed at 262,000 won, down 2.42 percent from the previous session. Foreign and institutional investors sold a net 348.5 billion won and 647.7 billion won worth of shares, respectively, while retail investors bought a net 959.7 billion won.

Foreign investors, in particular, have been net sellers for eight consecutive sessions since Sept. 28.

Nick Puckrin, cross-asset analyst and founder of Coin Bureau, said the preliminary results left a crucial question unanswered: How much longer can the memory chip boom last?

While demand for artificial intelligence (AI) chips remains insatiable and supply shortages are amplifying the rally, memory has historically been a highly cyclical business, Puckrin said. Investors remain skeptical that AI has fundamentally changed that dynamic, particularly as chipmakers race to expand production capacity.

"I don't think we're about to see a collapse, but the insane returns investors have enjoyed so far are likely a thing of the past," Puckrin said. "The audience will prove much more difficult to please than in the past."

Despite the recent sell-off, Samsung shares have surged about 296 percent since last September.

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Some analysts argue that fears of another memory chip downturn are premature.

Sanjeev Rana, head of North Asia semiconductor research at CLSA, said he expects the earnings momentum to prove sustainable, arguing that the current memory upcycle could last longer than previous booms.

"This memory upcycle is bigger than all the previous cycles and will last longer as it will take time for the supply to catch up with demand," Rana said. "Memory has now become the most critical and strategic layer in the entire AI stack."

Larger shareholder returns could provide another catalyst for Samsung shares, with surging profits giving the company greater financial flexibility, according to analysts.

The company currently has a policy of returning 50 percent of its free cash flow generated between 2024 and 2026 to shareholders.

Douglas Kim of Douglas Research Advisory said investors were disappointed by Samsung's early announcement of "just" 30 trillion won in dividends and 15 trillion won in share buybacks intended for employee compensation.

"Samsung Electronics should allocate a much greater percentage of the shareholder returns for buybacks and cancellations — especially for its preferred shares — rather than dividends," Kim said.

The benchmark KOSPI closed at 6,625.93, down 2.62 percent from the previous session. The Kosdaq also extended its decline, falling 0.69 percent to close at 892.27.

三星电子周四在首尔公布的财报显示，其第三季度营业利润预计为107.4万亿韩元，但投资者对这一创纪录的业绩仍持怀疑态度。利润同比增长782.5%，连续第四个季度创下历史新高，但该公司股价下跌2.42%。分析师们对于存储芯片热潮的持续性以及三星是否应该提高股东回报仍存在分歧。

外国投资者和机构投资者分别净卖出三星股票 3485 亿韩元和 6477 亿韩元，而散户投资者则买入了 9597 亿韩元。

自9月28日以来，外国投资者已连续八个交易日净卖出。

尽管近期遭遇抛售，三星股价自去年9月以来仍上涨了约296%。

三星的政策是将2024年至2026年间产生的自由现金流的50%返还给股东。

韩国综合股价指数（KOSPI）收于6625.93点，下跌2.62%；韩国创业板指数（KOSDAQ）下跌0.69%，收于892.27点。

发布于2026年10月8日下午4:32（韩国标准时间）

市场对人工智能芯片热潮能持续多久持怀疑态度。

这张摄于2025年8月的插图中出现了三星电子的标志。（路透社-韩联社）

即使季度营业利润超过 100 万亿韩元（746.5 亿美元），也未能打动三星电子的投资者，其股价已从 6 月 19 日的峰值下跌了约 30%。

周四，这家韩国芯片制造商预计第三季度营业利润为107.4万亿韩元，较上年同期增长782.5%，连续第四个季度创下盈利新高。此前没有任何一家公司，即使是苹果或英伟达这样的科技巨头，季度营业利润超过100万亿韩元。

然而，这些亮眼的业绩并未能消除投资者对其盈利增长可持续性的疑虑。

周四，三星股价收于每股26.2万韩元，较前一交易日下跌2.42%。外国投资者和机构投资者分别净卖出价值3485亿韩元和6477亿韩元的三星股票，而散户投资者净买入价值9597亿韩元的三星股票。

尤其是外国投资者，自9月28日以来已连续八个交易日净卖出。

Coin Bureau 的跨资产分析师兼创始人 Nick Puckrin 表示，初步结果留下了一个关键问题尚未解答：存储芯片的繁荣还能持续多久？

帕克林表示，尽管市场对人工智能（AI）芯片的需求依然旺盛，供应短缺也加剧了这波涨势，但存储器行业历来都是一个周期性很强的行业。投资者仍然怀疑人工智能是否从根本上改变了这种格局，尤其是在芯片制造商竞相扩大产能的情况下。

“我认为我们不会迎来崩盘，但投资者迄今为止所获得的疯狂回报很可能已成为过去，”帕克林说。“现在的投资者比以往更难取悦。”

尽管近期遭遇抛售，但三星股价自去年9月以来已飙升约296%。

三星电子成为首家季度营业利润突破800亿美元的韩国公司

三星预计到2029年，其代工客户数量将增长四倍。

一些分析人士认为，现在担心内存芯片市场会再次低迷还为时过早。

里昂证券北亚半导体研究主管桑吉夫·拉纳表示，他预计盈利势头将持续下去，并认为当前的存储器市场上涨周期可能会比以往的繁荣时期持续更长时间。

拉纳表示：“此次内存需求增长周期比以往任何周期都更大，而且持续时间更长，因为供应需要时间才能赶上需求。内存现在已成为整个人工智能架构中最关键、最具战略意义的层。”

分析师表示，更高的股东回报可能成为三星股价上涨的另一个催化剂，利润飙升将使公司拥有更大的财务灵活性。

该公司目前的政策是，将 2024 年至 2026 年间产生的自由现金流的 50% 返还给股东。

Douglas Research Advisory 的 Douglas Kim 表示，三星提前宣布仅派发 30 万亿韩元股息和回购 15 万亿韩元股票（用于员工补偿）令投资者感到失望。

金表示：“三星电子应该将股东回报的更大比例用于股票回购和注销——尤其是优先股——而不是用于分红。”

韩国综合股价指数（KOSPI）收于6625.93点，较前一交易日下跌2.62%。韩国创业板指数（Kosdaq）也延续跌势，下跌0.69%，收于892.27点。