Samsung Electronics shares rose after the company forecast record quarterly profit driven by strong demand for AI-related chips.

The company projected operating profit of about 57.2 trillion won for the first quarter, far higher than a year earlier and above market expectations.

Revenue was also expected to jump significantly, reflecting booming sales in its memory chip business.

Demand for high-bandwidth memory chips used in AI computing has contributed to shortages and rising prices across the industry, CNBC has reported.

Samsung is expected to report its full earnings later this month.