Samsung Electronics signs $16.5 billion chip-supply contract; shares rise

Samsung Electronics has entered into a $16.5 billion contract for supplying semiconductors, a regulatory filing showed Monday. Samsung shares were up more than 2% in early trading.

The South Korean memory chipmaker did not name the counterparty. It did not immediately respond to a request for comment on the contract.

Samsung is set to deliver earnings on Thursday and expects its second-quarter profits to more than halve as it struggles to capture AI demand from rival SK Hynix.