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

In a significant move, Samsung Electronics has finalized a substantial $16.5 billion agreement to supply semiconductors, according to a regulatory filing released on Monday. Following this announcement, Samsung's shares saw an impressive rise of over 2% during early trading hours. While the details of the counterparty remain undisclosed, Samsung has yet to provide further comments regarding the contract. The tech giant is also gearing up to announce its earnings on Thursday, amidst expectations that its profits for the second quarter may drop by more than half. This decline is attributed to ongoing challenges in meeting the burgeoning demand for AI technologies, particularly in light of competition from rival SK Hynix. Stay tuned for further updates as this story develops.