Samsung Electronics’ cash and short-term financial assets hit a record 214.82 trillion won (about $157.5 billion) at the end of the third quarter, roughly twice the year-earlier level, while net cash after borrowings stood at 197.6 trillion won.

The cash surge reflects a semiconductor upcycle fueled by AI server demand and higher memory prices, with continued AI investment and constrained supply underpinning Samsung’s plans to fund both shareholder returns and future growth.

Samsung expects to spend 84.4 trillion won on facilities this year, including 76.8 trillion won on semiconductors to expand memory production and support its Taylor foundry business in the United States.

Samsung expects demand for foundry processes at 8 nanometers and below to outstrip capacity next year, and is expanding production at its 8-nanometer, 4-nanometer and 2-nanometer nodes while preparing to open its first U.S. fabrication plant in Taylor, Texas.

Demand for memory is also strong: Samsung said its high-bandwidth memory production allocated for delivery in 2027 is already sold out, with major customers seeking additional supplies.

Research and development spending reached 41.7 trillion won through the third quarter, surpassing the previous full-year record of 37.7 trillion won, and is expected to exceed 50 trillion won for the year; combined facility and R&D investment is projected to top 130 trillion won.

Investors are focused on whether new memory fabs and the Taylor foundry line can achieve enough utilization to support profitability, as heavy investment could raise depreciation costs in the near term.

Yuanta Securities estimates Samsung’s capital spending could rise 28% to 108 trillion won in 2027, though long construction and equipment-installation timelines mean the outlay is unlikely to significantly boost semiconductor output in 2028.

Chosun Biz reported that Samsung and SK hynix are each ordering about 10 trillion to 20 trillion won of ASML lithography equipment, but Samsung did not disclose that figure and its documents do not specify spending on EUV tools.

Samsung expects shareholder returns for 2026 to total 90 trillion to 110 trillion won; with 35 trillion won planned or completed, it anticipates another 55 trillion to 75 trillion won in returns, including a third-quarter cash dividend totaling 30 trillion won.

Samsung plans to set out its next shareholder-return policy, the final amount to be distributed and execution details at a board meeting in late January 2027.

Through the third quarter, operating cash flow was 98.6 trillion won, investing outflows were 35.2 trillion won—including 26.9 trillion won for property, plant and equipment—and financing outflows were 24 trillion won, including 12.5 trillion won for treasury-stock acquisitions.