[Market Focus] Samsung Electronics Rises on News of Producing Apple’s Next-Generation Chips

Samsung Electronics is experiencing gains following reports that it will produce Apple’s next-generation chips, after previously securing a deal with Tesla.

As of 9:12 a.m. on August 7, Samsung Electronics was trading at 69,800 won on the Korea Exchange, up 1,000 won (1.45%) from the previous day.

On this day, Apple announced in a press release that it is developing an innovative new chip manufacturing technology, to be used for the first time globally, in collaboration with Samsung at Samsung’s semiconductor plant in Austin, Texas, USA.

Previously, Samsung Electronics had also signed a foundry supply contract with Tesla worth $16.5 billion (approximately 22.8 trillion won).