28/05/2026

BIZ & FINANCE THURSDAY | MAY 28, 2026

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Nvidia to invest US$150b a year in Taiwan: Huang Samsung plans chip testing plant in Vietnam, document shows HANOI: Samsung Electronics plans to invest 39 trillion dong (US$1.5 billion/RM5.95 billion) in Vietnam to build a semiconductor testing plant, its proposal document showed, an expansion that will help ease a global shortage of memory chips driven by surging AI demand. The new factory, for which construction has already begun in an industrial park 60km north of Hanoi, is slated to start operations in November 2027, the document sent to local authorities in April and reviewed by Reuters showed. It would be Samsung’s first chip testing factory in Vietnam. Robust memory chip demand from AI data centre operators has severely constrained supplies to industries such as smartphones, laptops and auto mobiles. The factory would focus on legacy chips, the document showed. While less critical for AI supply chains, mature memory chips are also in severe shortage as major producers dedicate more of their production capacity to manufacturing AI chips. The new plant would have annual capacity to deliver 153.3 billion gigabits (Gb) of dynamic random-access memory (DRAM)

chips and another 255.6 billion Gb of NAND memory chips, according to the proposal which was sent to obtain environmental permits for the new site. Details on the size of Samsung’s investment in the project, production capacity and production timeline have not been previously reported. Samsung declined to comment. – Reuters

BP ousts chair Albert Manifold citing governance and conduct issues

exceeding supply by 2028 to keep price levels high,” Kim Young-gun, an analyst at Mirae Asset Securities in Seoul, said in a report, raising target prices for SK Hynix and Samsung by 18.8% and 14.6% to 3.8 million won per share and 550,000 won, respectively. SK Hynix shares closed at 2.243 million won yesterday. Samsung shares also rose as much as 8%, before closing 2.7% higher at a record close of 307,000 won, as unionised workers in South Korea voted to approve a tentative wage deal, averting a strike that threatened global chip supplies. – Reuters LONDON: BP’s board on Tuesday ousted chair Albert Manifold and expressed serious concerns about his governance standards, oversight and conduct in the latest leadership turmoil to rock the oil major, driving its share price down as much as 10%. Four sources with knowledge of the matter said Manifold had acted aggressively with different colleagues across the company, citing that as one reason for his firing. The board had received enough information following a whistleblower report to ascertain that there was a pattern of unacceptable behaviour, said one of the sources, who is close to BP’s board. The sources declined to be identified because they were not authorised to speak publicly. A BP spokesperson declined to give further details. In an emailed statement to Bloomberg News, Manifold disputed accusations of wrongdoing. “I was removed without warning and without explanation,” Manifold said. “I dispute entirely the characterisation of my conduct and I will not allow a false narrative to go unchallenged.” Reuters could not reach Manifold for comment. Manifold’s surprise removal came just under eight months after he took office to help oversee a strategy revamp, and follows years of management churn at BP. “At this point it’s fair to say BP has the most volatile boardroom of the oil supermajors,” said Lindsey Stewart, director of institutional investor content at Morningstar. “With a resurgent share price so far this year, BP should be taking credit for the rewards of its strategic reset,” Stewart said. “Instead, the company is on its third CEO and now its third chairman in under three years. It’s clear that getting a grip on corporate governance and strategy at the company must be a priority of the interim chair and his eventual successor.” Ian Tyler, a BP board member since last year, will be interim chair, the company said. In a statement on Tuesday, BP said its board had unanimously decided that Manifold should no longer serve as chair and director with immediate effect. “This follows serious concerns raised to the board related to important governance standards, oversight and conduct,” BP said. – Reuters

TAIPEI: Nvidia’s chief executive said yesterday the US chip company plans to invest around US$150 billion (RM595 billion) a year in Taiwan, terming it the “epicentre” of the AI revolution and predicting it will be the world’s tech manufacturing hub for a long time. “Four years ago, five years ago, Nvidia was spending about 10, 15 billion dollars a year in Taiwan. Now we’re spending 100, going to 150 billion dollars in Taiwan each year,” CEO Jensen Huang said at a launch celebration in Taipei for the US$5 trillion chipmaker’s planned Taiwan headquarters. The project will break ground this year and aims to be operational in 2030, Huang said. He did not provide a timeframe for the number of years the company plans to invest US$150 billion. The Taiwan headquarters will bring Nvidia closer to TSMC , the world’s largest contract chipmaker, which makes many of the advanced semiconductors powering the trend towards AI and is a major supplier to the US tech giant. It will also help the world’s most valuable company boost its alliances with other manufacturing partners including Foxconn, Wistron and Quanta Computer, which all play key roles in the build-out of AI servers and infrastructure. “Taiwan is booming,” Huang said on stage to a crowd including his family, around 1,000 employees and Taipei Mayor Chiang Wan-an. He said Nvidia planned to employ 4,000 people at the new site. “Taiwan is the epicentre of the AI revolution. This is where the chips come, packaging comes, this is where the systems are made, this is where AI supercomputers were

o CEO calls island epicentre of AI revolution, new HQ expected to be operational by 2030 and employ 4,000

Huang delivering a speech at the Constellation All-Employee Celebration in Taipei yesterday. – REUTERSPIC

and has somewhat of a rockstar status in Taiwan, where his every move is followed closely. Taiwan plays a pivotal role in the global AI supply chain for companies including Nvidia and Apple, and its position is anchored by TSMC. – Reuters

created. The number of partners we work with here in Taiwan, incredible.” Huang was born in the southern city of Tainan, Taiwan’s historic capital, and yesterday’s launch was attended by his parents, and his wife, daughter and son. He emigrated to the United States at the age of 9,

AkzoNobel rejects takeover offer from Nippon Paint, Sherwin-Williams GDANKS: Dulux paint maker AkzoNobel has rejected a cash takeover offer of €73 (RM337) per share from rivals Nippon Paint and Sherwin-Williams, the Dutch company said yesterday, sending its shares 14% higher. per share. “Akzo considers its own merger proposal with Axalta to be superior and pushes ahead on this track,” brokerage KBC said in a note to investors. AkzoNobel said the non-binding proposal undervalued its business and lacked deal certainty, adding that its board continued to recommend the planned merger with Axalta. Under the proposal, Nippon Paint would have acquired AkzoNobel and retained its decorative paints and industrial coatings businesses, while selling its automotive, marine and powder coatings divisions to Sherwin Williams. – Reuters The offer price represents a premium of 39% to AkzoNobel’s last closing price of €52.52

SK Hynix joins US$1 trillion club after Samsung, Micron on AI chip boom SEOUL: SK Hynix topped US$1 trillion (RM3.96 trillion) in market value for the first time yesterday, joining its memory chip rivals Samsung Electronics and Micron Technology in reaching the milestone on an AI-driven rally. Strong demand for high-end memory chips used in AI chipsets like those designed by Nvidia has tightened supply and driven up prices, benefiting the world’s biggest makers of the semiconductors. South Korea has become the first country other than the US to have more than one company reach that market value.

Led by the two chipmakers, South Korea’s Kospi stock index gained 2.3% at 8,229.70, after rising as much as 5.1% to an all-time high of 8,457.09, with the sharp gains triggering a “sidecar” curb that temporarily halted algorithmic trading. With yesterday’s rally, Samsung and SK Hynix accounted for half of the index by market capitalisation. The Kospi, which has emerged as the world’s best performer in a global AI boom, has risen 95% so far this year, after rising 76% last year. “We expect memory chip demand to continue

Memory chip prices doubled in the first quarter alone from the previous period and are forecast to increase by up to 63% in the current quarter due to AI data centre demand that has constrained supplies for smartphones, laptops and auto mobiles and helped top memory chipmakers report record profits. There are only three Asian companies that have joined the US$1 trillion club, including TSMC.

Shares of SK Hynix closed the session up 9.3%, after rising as much as 14.9% during the sessionto take the South Korean chipmaker’s market value to a record 1,680 trillion won (RM4.4 trillion) and propel the country’s benchmark Kospi to a record high. Domestic rival Samsung surpassed US$1 trillion in market value for the first time on May 6, while US-listed Micron did so on Tuesday.