Shares are surging early on the 2nd on news that Samsung Electronics will join OpenAI's 700 trillion won artificial intelligence (AI) project.

Samsung Electronics Chairman Lee Jae-yong shakes hands with OpenAI CEO Sam Altman at a signing ceremony for a letter of intent on mutual cooperation to build global AI core infrastructure at Samsung Electronics' Seocho headquarters on the 1st. /Courtesy of Samsung Electronics

As of 9:27 a.m. that day, Samsung Electronics stock was at 89,800 won on the Korea Exchange, up 4.42% (3,800 won) from the previous trading day.

A day earlier on the 1st, word that Samsung Electronics and SK hynix would take part in OpenAI's large-scale AI infrastructure build-out, the "Stargate project," appeared to have drawn in investor sentiment.

Lee Jae-yong, chairman of Samsung Electronics, met with Sam Altman, OpenAI's chief executive officer (CEO), the previous day and signed a letter of intent (LOI) for mutual cooperation. Samsung Electronics agreed to supply high-performance memory semiconductors for OpenAI's Stargate project.

It also appears to have been affected by the sharp rise in U.S. semiconductor stocks the previous day. Micron closed on the 1st (local time) at $182.11, up $14.79 (8.84%) from the prior day. It rose for three consecutive trading days, for a gain of 15.8%. Intel also jumped 7.12% to finish the session.

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