Samsung Group’s de facto leader Jay Y. Lee on Monday met with visiting Intel Corp. Chief Executive Pat Gelsinger in Seoul to explore ways to further strengthen their business cooperation.
At the meeting held at Samsung Electronics Co.’s headquarters in southern Seoul, the two leaders of the world’s top chipmakers discussed possible collaboration in the design and manufacture of next-generation semiconductors and the foundry business, according to Samsung.
The meeting, held amid intensifying competition to stay ahead in next-generation chip technology, follows US President Joe Biden’s recent visit to Samsung’s main semiconductor factory in Korea.
Samsung, the world’s largest memory chip and smartphone maker, has for decades been a key partner and rival to Intel, which in recent years has been striving to flex more muscle in the semiconductor industry, particularly in the foundry sector.
In terms of revenue, Samsung’s semiconductor business had been behind Intel until 2021, when the Korean tech giant posted 94.2 trillion won ($82.3 billion) in sales in its chip division to overtake the US chip company, which reported $79 billion in revenue.
Following President Biden’s Seoul trip, Samsung announced last week that it would spend 450 trillion won ($355 billion) over the next five years in strategic sectors such as semiconductors, biotechnology, and 6G telecommunications.