Samsung Electronics' market cap surpasses $1t after US AI chip stocks surge
Samsung Electronics, the world's top memory chipmaker, saw its market value reach 1,500 trillion won ($1.03 trillion) in early trading in Seoul on Wednesday, tracking sharp gains of AI-related stocks in the US overnight
The company logo is displayed at the Samsung news conference at the Consumer Electronics Show (CES) in Las Vegas January 7, 2013. Photo: REUTERS/Rick Wilking/File Photo/File Photo
The market capitalisation of Samsung Electronics' common stock surpassed $1 trillion on Wednesday, making it the second Asian company after TSMC to reach the milestone.
Samsung Electronics, the world's top memory chipmaker, saw its market value reach 1,500 trillion won ($1.03 trillion) in early trading in Seoul on Wednesday, tracking sharp gains of AI-related stocks in the US overnight.
Shares of the South Korean chip giant were up 12% at 09:52 am (0052 GMT) in Seoul, outstripping the benchmark Kospi's 5.4% gain.
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The S&P 500 and the Nasdaq notched record-high closes on Tuesday, lifted by Intel and other AI-related stocks, as a US-Iran ceasefire held and investors focused on strong quarterly earnings.
