As an IDM, Samsung designs and manufactures semiconductors and we expect the investment to strengthen the business against its primary foundry rival Taiwan Semiconductor Manufacturing Company (TSMC). At the time of writing, Samsung and TSMC are the only foundries capable of producing semiconductors based on the more advanced five nanometre process. In April 2021, TSMC announced plans for USD100bn in investment over the next three years and has already declared it will begin manufacturing next-generation three nanometre chips in 2022, leaving Samsung lagging behind in terms of development. Whilst Samsung is the world's leading memory chip producer, it faces a significant challenge from TSMC in the non-memory chip segment, which accounts for approximately 70% of the total semiconductor market. As a result, Samsung trails TSMC in terms of revenues and market share in the overall global semiconductor market.