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

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Shares in Samsung Electronics, LG Electronics and other South Korean tech firms rallied ​on Monday, as expected meetings between Nvidia CEO Jensen Huang and ‌Korean executives boosted hopes of tie-ups in AI and robotics.Chipmaker Samsung Electronics was also buoyed by data showing that South Korea’s semiconductor exports surged to a record high in June amid the AI boom, helping the country’s total exports post their biggest rise in over four decades.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 COMPUTEX trade 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%, lifting its market value above 2,000 trillion won ($1.32 ​trillion). LG Electronics, a maker of home appliances and TVs which is expanding into robotics, ‌jumped ⁠28%.“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.Separately, Samsung Electronics said on Friday it began shipping samples of its latest high-bandwidth memory (HBM) 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 like Nvidia.Samsung has been valued at a discount to SK Hynix due ⁠to ​its weaker competitiveness in HBM, but the news ​appears to be supporting share price gains, BNK Investment & Securities analyst Lee Min-hee said.