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Samsung Electronics posted a record preliminary Q2 2026 operating profit of 89.4 trillion won ($58.4 billion), a nearly 19-fold increase from the previous year driven by surging demand and prices for AI memory chips, yet the company's shares fell more than 6% as investors doubted the long-term sustainability of these scarcity-era profits [1][2]. The historic earnings surge, which exceeded analyst expectations, was fueled by a 44% quarter-on-quarter rise in DRAM contract prices and a 53% jump in NAND flash prices as AI server demand outpaced global supply [1][4]. Despite the blockbuster results confirming the strength of the current AI infrastructure cycle, market participants expressed concern that the boom could weaken if cloud companies scale back capital spending due to profitability or power constraints [6][8]. This divergence between record fundamentals and a stock selloff highlights growing investor caution about whether the current memory upcycle will remain profitable beyond the immediate phase of hyper-investment in AI infrastructure [1][5].