SEOUL, South Korea (AP) — Samsung Electronics said Thursday that its operating profit for the last quarter reached a record 107.4 trillion won ($80.5 billion), fueled by surging demands for its computer memory chips used in artificial intelligence systems.

Revenue for the July-September period rose to an all-time high at 195.3 trillion won ($146 billion), marking the company’s fourth straight quarter of record profit and revenue.

Samsung’s regulatory filing came a day after domestic rival SK Hynix also reported record third-quarter profit, as the two South Korean semiconductor giants, which together control about two-thirds of the global memory market, face seemingly insatiable demand for their chips amid the global AI boom.

Samsung said in a statement that it expects the demand for its AI-related chips to accelerate through 2027, outpacing supply as clients race to expand AI infrastructure. The company said it will focus on supplying advanced memory chips and storage products used in AI servers, including high-bandwidth memory chips, server DRAMs and solid-state drives.

South Korean tech companies are making major investments in semiconductor manufacturing facilities and data centers as the country expands its AI ambitions. Samsung and SK Hynix in June announced plans to invest a combined 800 trillion won ($599 billion) in a new chipmaking hub in the country’s southwest to capitalize on AI-driven demand.

But some analysts question whether the spending will ultimately pay off, and South Korea’s central bank has warned that the country’s trade-dependent economy is becoming too reliant on chips, which it said could deepen the damage of any AI-related downturn.