SEOUL (REUTERS)

Samsung Electronics ​on Wednesday unveiled a passport-sized foldable phone and raised prices of two updated foldable models, as it grapples with rising memory chip prices.

The South Korean technology company pioneered foldable smartphones but ​its dominance is set to be challenged by Apple which analysts ​expect this ‌year to launch a foldable phone with a ⁠screen ​similar in size to an iPad mini.

Samsung unveiled the three Galaxy Z foldable models powered by Alphabet's ‌Gemini artificial intelligence at an event in London.

It priced its passport-sized Galaxy Z Fold8, featuring a wider screen aimed at video-heavy users, at $1,899. It raised its premium Galaxy ​Z Fold8 Ultra and clamshell-style Flip8 by $100 from their predecessors to $2,099 and $1,199 respectively.

Samsung is likely to increase its global smartphone market share in 2026 though the overall market is set to contract a record 14% due partly to a memory chip shortage, IDC forecast. Foldable shipments, ‌on the other hand, are likely ​to grow 20%, IDC said.

Some analysts expect Samsung's mobile division to post its first-ever quarterly loss in April-June as surging chip prices squeeze profit margins, even as they fatten margins at Samsung's semiconductor business to record ​highs.

Memory and storage account for ‌more ⁠than 60% of ‌material costs in budget smartphones and more than ‌30% in premium models, Omdia data showed.

In terms of processing power, the Fold8 and Fold8 Ultra use the latest processor from Qualcomm while the Flip8 ​uses a Qualcomm chip or Samsung's Exynos chip depending on market.