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Samsung Electronics soars more than 5% after Nvidia report

Samsung logo displayed on a phone screen with a binary code reflected on it, a laptop keyboard, a memory card, an adaper and cables are seen in this illustration photo taken in Krakow, Poland on January 30, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

Jakub Porzycki | Nurphoto | Getty Images

Shares of South Korean heavyweight Samsung Electronics soared more than 5% after chip giant Nvidia reportedly said the South Korean chipmaker’s high bandwidth memory chips were in the “qualifying” stage for use in Nvidia’s graphics processing units.

This comes after rival SK Hynix announced that it was set to deliver its high-bandwidth memory (HBM) chips to customers, with Reuters saying that Nvidia would be its first client.

Shares of SK Hynix plunged as much as 3.56% on Wednesday.

Samsung’s daily gain Wednesday was the largest percentage jump the stock has seen since September, according to Reuters data.

Analyst discusses what might be catalysts for Samsung's stock in 2024

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