Samsung to triple advanced chip production in 5 years as strong demand to continue
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Samsung (OTCPK:SSNLF) said on Tuesday that it would triple the amount of advanced chips it produces in the next five years as the South Korean electronics giant looks to meet strong demand unmoved by the weakening global economy.
The electronics giant, which produces chips for a number of clients, including Nvidia (NVDA), Qualcomm (QCOM) and Tesla (TSLA), among others, said it hoped to have mass production of 2 nm chips by 2025 and 1.4 nm chips by 2027, according to Reuters.
Moonsoo Kang, executive vice president of Samsung Electronics' foundry business, said Samsung (OTCPK:SSNLF) had made "some progress" on raising prices, adding that new orders that the company has currently won will be made in at least two or three years.
Kang added that Samsung (OTCPK:SSNLF) is trying to procure as many tools made by companies such as ASML Holding (ASML) and others that it can for advanced chipmaking.
In reference to the ongoing global dispute over semiconductor production, Kang also noted that the company's U.S. customers are "especially interested in production in the United States, for supply chain stability."
Samsung (OTCPK:SSNLF) is currently building a plant in Taylor, Texas that will be open in 2024. The company has reportedly been considering sites for as many as 11 different factories in Texas in an investment that could be worth as much as $200B.
In June, Samsung (OTCPK:SSNLF) became the first foundry to mass produce 3 nm chips, beating Taiwan Semiconductor (TSM) to the punch. 
The smaller 2 nm and 1.4 nm chips would likely be used for high-performance computing and artificial intelligence, an area where Samsung (OTCPK:SSNLF) has struggled. The tech giant is the world's largest maker of memory chips, but recent issues with its foundry operations forced it to move too quickly into advanced technology production and it suffered as a result.
At a media briefing last month, Samsung co-CEO Kyung Kye-hyun said the company's foundry business had faltered, adding that it âdid not have that good of a reputation in Silicon Valley." 
Kyung explained that the company "fell short" when it came to long-term strategic partnerships, in reference to having a lack of supply for customers during the semiconductor shortage that impacted the global economy for parts of 2020 and much of last year.
The Samsung (OTCPK:SSNLF) executive added that the company foresees the current downturn in chip sales lasting through next year.
SoftBank (OTCPK:SFTBY) Chief Executive Officer Masayoshi Son is headed to South Korea this month where he may discuss a strategic tie-up between its chip design unit Arm and Samsung (OTCPK:SSNLF).