LG Electronics soars on data center talks with Microsoft

(Han Joo-hyung)

Shares of LG Electronics Inc. climbed on Friday morning after reports that the tech giant and its affiliates discussed potential cooperation with Microsoft Corp. on next-generation data-center technology.

The stock rose 6.75 percent to 101,200 won ($68.64) as of 9:14 a.m. on Friday.

According to industry sources, major LG Group affiliates including LG Electronics held the AIDC Tech Show on Monday, local time, at Microsoft’s Redmond Woods campus in the United States. The companies showcased and introduced LG Group’s next-generation data center technologies.

Microsoft CEO Satya Nadella and LG Electronics CEO Ryu Jae-chul, were among the attendees.

The event has fueled expectations that LG Group could deepen its partnership with Microsoft in the fast-growing AI infrastructure market.

The upbeat tone around large-cap tech names also flowed into broader sentiment on Korea’s secondary market.

Aimed Bio Inc., a developer of antibody-drug conjugate therapies, continued its strong momentum on Friday morning, the second day of its Kosdaq listing, hitting the upper price limit.

The shares jumped 30 percent to 57,200 won as of 9:36 a.m. The stock had closed at 44,000 won on Thursday, up 300 percent from its initial public offering price of 11,000 won.