Samsung jumps on report Nvidia will add electronics group as a supplier

September 01, 2023 09:06 PM AEST | By Investing

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Samsung jumps on report Nvidia will add electronics group as a supplier — Image source: Kalkine Media

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Investing.com -- Seoul-listed shares in Samsung Electronics Co Ltd (KS:005930) climbed by more than 6% on Friday, their most since January 2021, following a report that the group has been chosen to supply AI-darling Nvidia (NASDAQ:NVDA) with advanced memory chips.

In a note cited by Bloomberg News, analysts at Citigroup (NYSE:C) said that the South Korean electronics giant will begin to supply California-based Nvidia with HBM3, a high-speed computer memory interface that can work with artificial intelligence accelerators.

Previously, Samsung rival SK Hynix Inc (KS:000660) was the only supplier of these chips. SK Hynix stock slipped by just under 1.5%.

Samsung declined to comment, Bloomberg said.

Samsung will begin to supply its HBM3 memory chips to Nvidia as soon as next month, according to a separate report in Korea Economic Daily on Friday. Citing unidentified sources, the outlet said Nvidia agreed to the supply deal after Samsung's chips passed its quality test.

Suppliers to Samsung, including chip tester Hana Micron Inc (KQ:067310) and circuit board business Daeduck Electronics Co Ltd (KS:353200), also surged on the reports.

This article first appeared in Investing.com

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