Samsung Shares Rise After Signing $16.5 Billion Chipmaking Deal

Samsung Electronics Co. shares rose after the company announced a 22.8 trillion won ($16.5 billion) deal to manufacture chips for an unnamed client. This agreement represents a significant boost for Samsung's contract semiconductor manufacturing business, which produces chips for other companies. The deal is expected to contribute to Samsung's revenue and help solidify its position as a leading player in the global semiconductor industry. The company's contract chip-making division has been growing in importance as demand for customized chips increases among tech giants and other companies. The announcement of the large-scale manufacturing agreement comes at a time when the semiconductor industry is facing supply chain challenges and chip shortages. Samsung's ability to secure a sizable contract highlights its manufacturing capabilities and its status as a trusted partner for companies seeking reliable chip production.