Samsung shares jump on $16.5bn chip deal with Tesla.
Samsung shares jumped on Monday after Tesla boss Elon Musk said the electric car maker had signed a $16.5bn deal to source chips from the South Korean electronics firm.
Source: Sharecast
"Samsung's giant new Texas fab will be dedicated to making Tesla's next-generation AI6 chip. The strategic importance of this is hard to overstate," Musk said in a post on his X social media platform - formerly Twitter - on Monday.
"Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency. This is a critical point, as I will walk the line personally to accelerate the pace of progress. And the fab is conveniently located not far from my house," Musk added.
The South Korean giant earlier announced the deal without naming its buyer, saying the client had requested confidentiality.
Shares in Samsung rose more than 6% after the news.
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