Samsung Electronics has announced that the worst is over for the global memory chip market. Still, it plans to extend production cuts due to a demand recovery primarily focused on high-end chips used in artificial intelligence. The semiconductor downturn has led to a record operating loss of 8.9 trillion won ($7 billion) for Samsung's chip business in the first half of the year. Despite expectations of a reduced loss in the current quarter, the business will likely remain in the red. The global economic slowdown and high-interest rates have dampened demand for consumer goods, leading to the need for continued production cuts across the industry. Samsung has orders for more HBM products this year, but a broader chip demand recovery is not expected until the following year. The mobile business reported a rise in operating profit. Samsung unveiled its latest foldable smartphones with prices comparable to previous models to challenge Apple's dominance in the high-end market.