Samsung topped global smartphone sales in Q1 2024, while Apple saw a 10% decline in iPhone shipments.Backed by U.S. funding to expand chip production, Samsung's stock has surged recently, with analysts optimistic about its future growth amid soaring chip demand.) to become the world's leading smartphone maker in Q1 2024, according to data from market research firm IDC. Apple's iPhone shipments fell by almost 10% compared to the previous year.
This funding is part of America's strategy to ramp up chip production domestically, spurred by the Chips and Science Act of 2022. The aim is to reduce reliance on Asian semiconductor manufacturing by incentivizing companies to invest within the U.S. The company is already benefiting from soaring demand for semiconductors. In early April, Samsung projected its first-quarter operating profit for 2024 to be more than ten times higher than the previous year, driven by surging chip prices.
Analysts remain optimistic about Samsung's future, with 38 experts forecasting an average target price of 101,505 Korean won per share over the next 12 months, representing a 28.65 percent increase from the current price of 78,900 won .On April 30, the company will release its financial report for the first quarter of 2024. Investors will discover if Samsung can keep growing in the stock market after dominating the smartphone market.
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