Samsung, SK Hynix Shares Leap After OpenAI Taps Korea for Chips

Samsung Electronics Co. and SK Hynix Inc. shares rose to their highest in years after South Korea’s largest companies forged initial agreements to supply chips to OpenAI’s Stargate project, reinforcing their lead in artificial intelligence memory.

OpenAI’s Sam Altman signed a letter of intent Wednesday to enlist the two firms in his data center construction effort, a global undertaking that involves the sector’s biggest players from Nvidia Corp. to Oracle Corp. The US startup could need as many as 900,000 wafers per month as Stargate expands, the companies said.