Earlier this week, a report claimed that the tech giant was to have in-house custom processor cores by 2027 but a representative for the company has now dismissed the report as false.

In a statement given on Tuesday (08.03.23), the rep said: "A recent media report that Samsung has established an internal team dedicated to CPU core development is not true.

"Contrary to the news, we have long had multiple internal teams responsible for CPU development and optimization, while constantly recruiting global talents from relevant fields."

In January, it was reported that he planet’s largest manufacturer of memory chips, mobiles and tellys have predicted their final quarter profit of 2022 has fallen by 69 per cent - to £2.8 billion - amid a reduction in demand and increase in raw materials.

The trend is widespread in the industry and the fall sees record lows for the South Korean-based tech giant, who last saw quarterly profits this low in 2014.

In a statement, Samsung said: "For the memory business, the decline in fourth-quarter demand was greater than expected as customers adjusted inventories in their effort to further tighten finances. "Smartphone sales and revenue decreased due to weak demand resulting from prolonged macro issues." Other tech companies such as Meta, Amazon, Twitter have also reported financial losses due to the changing economic situation