Samsung Electronics revealed earlier today that it plans to invest KRW 110 trillion (around $74 billion) in factories and research and development (R&D) this year. Most of this investment will go toward artificial intelligence (AI) semiconductor facilities, helping the company prepare for the ongoing AI boom.

This investment is 21.7 percent higher than last year, when Samsung spent KRW 90.4 trillion (around $60.24 billion). It also marks the first time Samsung is spending more than KRW 100 trillion (around $66.64 billion) in a single year. The information was revealed in a regulatory filing by Samsung Electronics.

The South Korean firm also said it is considering meaningful mergers and acquisitions (M&As) in air conditioning, automotive electronics, medical technology, and robotics. Last year, the company acquired FläktGroup, a leading European air conditioning provider whose products are used in data centers.

Samsung is currently improving efficiency at its P4 plant at the Pyeongtaek campus in South Korea in response to rising chip demand. It is also building new chip facilities in its semiconductor cluster in Yongin, South Korea. Meanwhile, its chip plant in Taylor, Texas, is expected to be operationally ready by the end of this year, with mass production starting next year.