Samsung Electronics signs secretive $16.5 billion chip-supply deal, shares hit four week high

Samsung Electronics has signed a $16.5 billion contract for supplying semiconductors to a major global corporation. The South Korean tech giant did not name the buyer but stated in a filing that the start date of this contract was 26 July 2024 and the end date was 31 December 2033.

Samsung Electronics‘ shares rose by as much as 3.5% in Seoul after the announcement, the company’s biggest intraday gain in almost four weeks, according to a Bloomberg report.

In its filing, the company noted that the deal signed on Saturday was related to contract chip…