Just a few years ago, Samsung Electronics stood as a leading force in the global semiconductor race, dominating one chip sector and eyeing Taiwan’s TSMC in the battle for supremacy in another.

Samsung Electronics Co.’s chip unit plunged a far bigger-than-expected 94% in the June quarter, reflecting the depth of a slump that’s plaguing the world’s largest memory chipmaker.The weak results for the pivotal business underline how far Samsung has fallen in the lucrative artificial intelligence arena,