United Kingdom, March 19 -- Samsung is planning to spend over £55 billion on AI chip expansion.

The South Korean tech giant is aiming to increase its investment in production and research by 22 percent this year, as they look to secure the top spot as Nvidia's main memory provider.

The company has announced plans to invest over 110 trillion Korean won in facilities, research and development investment.

Samsung is aiming to secure its leadership in the "AI semiconductor era" by using its memory, foundry and advanced packaging capacity.

The increased funds will be used in "future-oriented" sectors, which include AI and advanced robotics, while the company will chase potential merger and acquisition deals in those areas.

Meanwhile,...