Samsung Electronics Co’s quarterly profit missed estimates, reflecting a costly effort to claw back market share in the pivotal artificial intelligence (AI) chip and smartphone arenas.

South Korea's Samsung Electronics said Wednesday it expected fourth-quarter profits to fall sharply from the previous quarter and miss forecasts as it struggled to meet robust demand for chips used in artificial intelligence servers.

Samsung Electronics released on Wednesday a fourth-quarter operating profit estimate that missed analyst estimates by a large margin, as it lagged behind rival SK Hynix in supplying high-end chips to Nvidia.