Samsung Apologizes for AI Missteps, Promises Strategic Overhaul

At its annual shareholder meeting, Samsung pledged mergers, acquisitions, and supply chain adjustments to address competitive struggles and shareholder concerns.

• Samsung co-CEO Han Jong-hee publicly apologized to shareholders for the company's poor stock performance and failure to capitalize on the AI boom.
• The company plans to pursue 'meaningful' mergers and acquisitions to regain growth and address its competitive challenges in semiconductors and smartphones.
• Samsung acknowledged losing its technological edge, particularly in high-bandwidth memory chips, where it trails rivals like SK Hynix.
• A $7.2 billion share buyback program was launched in late 2024 to address stock performance issues after shares fell nearly a third last year.
• Geopolitical trade pressures, including U.S. export restrictions to China, continue to create significant obstacles for Samsung's recovery efforts.

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Hindustan Times Benzinga CNA