U.S. President Donald Trump noted that it is necessary to double power capacity to maintain competitiveness in the artificial intelligence (AI) industry, and shares of domestic power equipment and cable companies are also showing strength. Investors appear to be taking action to buy as cooperation is expected to strengthen ahead of the Korea-U.S. summit.
Shares of HD Hyundai Electric were traded at 485,500 won in the KOSPI market at 9:19 a.m. on the 22nd, rising 5.89% (27,000 won) from the previous day. At the same time, LS ELECTRIC and Hyosung Heavy Industries also recorded a stock price increase of around 5%.
Daewon Cable, ILJIN Electric, LS Eco Energy, Taihan Cable & Solution, Gaon Cable, and other cable-related companies also showed an upward trend.
On the 21st (local time), President Trump said in a speech to law enforcement agencies in Washington D.C., "Our power grid is outdated, and with the current national power capacity, we cannot compete with Chinese AI," adding, "We need more electricity."
President Trump explained that to stimulate investment in power infrastructure, corporations are allowed to build their own power plants and can resell surplus electricity.