Samsung Electronics announced on Thursday that its third-quarter operating profit rose nearly ninefold, reaching an all-time high, driven by robust demand for artificial intelligence chips, even as investors remain cautious about the sustainability of AI spending.

The world's largest memory chip manufacturer reported operating profit of 107.4 trillion Korean won ($80.04 billion) for the July-to-October period, in line with its guidance and up from 12.2 trillion won in the same period a year earlier.

Its crosstown rival SK Hynix posted strong results and an optimistic outlook on Wednesday, helping to ease concerns that AI-driven chip earnings could lose momentum, which lifted shares of both Samsung and SK Hynix.