As Nvidia briefly hit a $4 trillion market cap, AI chip rival Groq is reportedly seeking to raise up to $500 million at a $6 billion valuation to fulfill a $1.5 billion Saudi Arabia deal and scale global operations.

Samsung Electronics is expected to forecast a 39% plunge in second-quarter operating profit on Tuesday, weighed down by delays in supplying advanced memory chips to artificial intelligence chip leader Nvidia .

Samsung's challenges bringing HBM3e to market have been a boon for rival SK Hynix, which has become Nvidia's primary supplier of the memory. Micron has also managed to seize the moment with its 12-high HBM3e stacks slated for use in Nvidia's upcoming Blackwell Ultra B300 and GB300 accelerators.

Nvidia and other companies benefiting from the AI boom have been a major reason the S&P 500 has climbed to record after record recently.

According to the smart estimates, Samsung was expected to post an operating profit of 6.26 trillion won ($4.57 billion) for the quarter.

US chip curbs and HBM3E delays dent profit forecast Samsung Electronics stunned markets by forecasting a 56 per cent plunge in second‑quarter operating profit to Won 4.6 trn (€3.3 bn, which is its weakest performance in six quarters.

Micron Technology is gaining ground at the expense of Samsung as the two companies compete to sell memory chips to AI processor giant Nvidia.