Samsung Electronics on Tuesday projected a far worse than expected 56% plunge in second-quarter operating profit due to weak AI chip sales, deepening investor concerns over the tech giant's ability to revive its struggling semiconductor business.

China export restrictions affect foundry business while Nvidia has yet to approve tech giant’s advanced products

Samsung Electronics said on Tuesday it expected its second-quarter operating profits to fall by more than half, blaming US export controls on advanced artificial intelligence (AI) chips to China.