The AI boom is minting money for the world’s biggest chipmakers, and Samsung is the latest to reap the rewards. Driven by an insatiable global demand for AI-grade memory silicon, the South Korean electronics giant expects to post an astronomical 1,800% increase in quarterly operating profits.

According to Samsung’s newly released earnings preview, the company brought in an estimated 89.4 trillion won ($58.4 billion) in profit between April and June on sales of 171 trillion won. That revenue figure is more than double what the company pulled in during the same quarter last year, putting Samsung’s performance right alongside the historic records set by Nvidia.

The secret behind the math is simple: supply can’t keep up with demand. Tech giants are buying up semiconductors for data centers faster than factories can print them, which has allowed Samsung to hike its prices significantly. Industry researchers at IDC point out that this AI infrastructure gold rush is unlike anything the memory industry has ever navigated, and tight chip supplies are expected to persist well into next year, even impacting the availability of silicon for everyday consumer electronics.

Interestingly, Samsung’s stock actually slid about 7% in Seoul on Tuesday because some ultra-bullish investors had priced in an even larger blowout. Still, the bigger picture is a massive win for South Korea’s tech ecosystem. Samsung’s stock has doubled this year, SK Hynix is up over 200%, and the country is preparing to pour $880 billion into mega-chip projects to defend its silicon crown against fierce regional rivals.