Samsung, LG shares rally ahead of Nvidia CEO meetings with Korean executives

[SEOUL] Shares in Samsung Electronics, LG Electronics and other South Korean tech firms rallied on Monday (Jun 1), as expected meetings between Nvidia CEO Jensen Huang and Korean executives boosted hopes of tie-ups in artificial intelligence and robotics.

Huang is expected to visit South Korea later this week and meet LG Group chairman Koo Kwang-mo and other Korean executives, a person with knowledge of the matter said.

Nvidia also plans to hold a “Korean Partner Night” event on the sidelines of the ComputeXtrade show in Taipei on Monday, which Jensen and executives from chipmakers Samsung and SK Hynix and other companies will attend.

Samsung Electronics shares jumped 9.5 per cent, lifting its market value above 2,000 trillion won (S$1.69 trillion). LG Electronics, a maker of home appliances and TVs which is expanding into robotics, jumped 28 per cent.

“Jensen’s visit to Korea has a major implication. Nvidia needs Korea,” Jeff Kim, an analyst at KB Securities, said.

Nvidia said last year that it will supply more than 260,000 of its most advanced AI chips to South Korea’s government and some of the country’s biggest businesses, including Samsung Electronics and Hyundai Motor Group.

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Separately, Samsung Electronics said on Friday it started shipping samples of its latest high-bandwidth memory chip to customers, pulling ahead of rivals in distributing a new version of the product critical to AI data centres. Samsung’s customers include major AI players such as Nvidia. REUTERS