Power equipment stocks climb on Nvidia data center investment plan

Seoul [South Korea], September 23 (ANI): The stocks of power equipment makers rose Tuesday morning following Nvidia Corp.'s announcement of a massive investment plan for data centers, as per a report by Pulse, the English service of Maeil Business Newspaper Korea.
HD Hyundai Electric Co. shares were trading at 618,000 won (USD 445) as of 9:05 a.m., up 5.64 percent from the previous session.
The stock touched 624,000 won, a 6.67 per cent gain and a fresh 52-week high earlier in the session. LS Electric Co. also gained 3.07 per cent and Hyosung Heavy Industries Corp. 2.56 percent.
The rally followed Nvidia's announcement that it will invest up to USD 100 billion in OpenAI to build large-scale artificial intelligence (AI) infrastructure.
The plan includes supporting the construction of a 10-gigawatt (GW) data center powered by Nvidia's advanced AI chips to train and deploy OpenAI's models. The capacity is equivalent to 10 nuclear power plants.
HD Hyundai Electric's stock was further buoyed by news that it won a 277.8 billion won contract in the U.S. to supply 24 units of 765-kilovolt (kV) ultra-high-voltage transformers and reactors.
Separately, Samsung Electronics Co. surpassed 85,000 won in early trading, hitting 85,900 won at one point to mark a new 52-week high.
By 9:41 a.m., the stock was up 0.96 per cent at 84,300 won. Its market capitalisation topped 500 trillion won for the first time since July 31 last year, while in pre-market trading on Nextrade, shares briefly touched 91,000 won.
Analysts have since raised their target prices to above 100,000 won.
Shares of HD Hyundai Electric finished at 594,000 won, up 1.54 per cent from the previous session. LS Electric ended at 293,000 won and Hyosung Heavy Industries at 1,397,000 won. Samsung Electronics rose 1.44 per cent to close at 84,700 won. (ANI)

(This article was generated from news agency ANI without modifications to the text.)