Samsung’s Chip Profit Tumbles While Investors Seek Bottom

Samsung Electronics Co.’s chip unit plunged a far bigger-than-expected 94% in the June quarter, reflecting the depth of a slump that’s plaguing the world’s largest memory chipmaker.

The weak results for the pivotal business underline how far Samsung has fallen in the lucrative artificial intelligence arena, where SK Hynix Inc. leads in high-end memory and Taiwan Semiconductor Manufacturing Co. dominates in contract chipmaking.