In 2016, newly appointed leader Lee Jae-yong began orchestrating Samsung’s last big deal to diversify its business: the $8bn acquisition of US automotive audio and electronics leader Harman International, positioning the company as a supplier for the sector as its use of digital technology grew.

Almost a decade later, Lee is once again turning to acquisitions to help Samsung secure its technological edge. He set up the company’s first official M&A team in November, led by president and veteran dealmaker Ahn Joong-hyun as it fights to stay competitive in the global AI race.

Samsung, one of the world’s largest chipmakers and electronics manufacturers, has lagged behind peers SK Hynix and Micron in the race to supply advanced memory chips for the artificial intelligence build-out.