NVIDIA stock rose 1.75% on Monday, driven by broad technology sector strength and renewed investor demand for mega-cap tech stocks. The company announced major AI infrastructure partnerships in South Korea with SK hynix, SK Telecom, and NAVER, expanding its presence in memory technology, cloud computing, and sovereign AI initiatives. Technically, NVIDIA remains in a constructive long-term uptrend above key moving averages, though short-term momentum has softened. Analysts maintain a consensus Buy rating with an average price target of $323.83.

U.S. stock futures showed mixed performance on Monday with the S&P 500 and Nasdaq 100 gaining while the Dow Jones fell, following Thursday's sharp declines. Geopolitical tensions escalated over the weekend as Iran and Israel exchanged missile strikes. Key stocks in focus included SK Telecom (partnership with Nvidia), Nebius (UK AI data center investment), AMD (UK AI investment), and Ingredion (acquisition by Tate & Lyle). Markets are pricing in a 98% likelihood of unchanged Fed rates in June.

SK Telecom stock rose 3.87% in premarket trading on Monday following an announcement that NVIDIA and SK Telecom will build a gigawatt-scale AI cloud in South Korea using NVIDIA's DSX platform, with operations expected to begin in 2027. The partnership includes joint research on next-generation AI factory architectures and SK Telecom joining NVIDIA's Cloud Partner program. Technically, SKM remains in an uptrend above its key moving averages with support near $36 and resistance at $40.

Tech and infrastructure stocks surged last week driven by AI and data center momentum. Applied Optoelectronics led with a 37.18% gain after securing a $71 million order for data center transceivers. Nebius jumped 33.92% on reports of acquiring AI21 Labs, while CoreWeave gained 25.63% following deals with Anthropic, Meta, and Google. Intel rose 22.42% after announcing its Terafab project participation.

Arm Holdings has made a historic pivot by creating its first physical silicon chip, the Arm AGI CPU, designed for AI infrastructure. The chip offers twice the performance-per-watt compared to x86 alternatives and has secured major customers including Meta (co-developer), OpenAI, Cloudflare, F5, SAP, and SK Telecom. This move positions Arm to capture a share of the $1 trillion AI CPU market.

NVIDIA is collaborating with South Korea's government and major corporations to deploy over 260,000 GPUs across national AI infrastructure, focusing on developing sovereign AI capabilities in sectors like manufacturing, automotive, and telecommunications.

SK Group and NVIDIA are partnering to build a massive AI infrastructure with over 50,000 NVIDIA GPUs, focusing on advancing semiconductor research, digital twin technology, and AI agent development across SK's subsidiaries.

IonQ reported Q4 losses of 93 cents per share, missing estimates, but revenue beat expectations. The company announced a $500 million stock offering, a new CEO appointment, and agreements to acquire a stake in ID Quantique and partner with SK Telecom.

The 5G Services Market is expected to grow significantly, reaching $2.27 trillion by 2032, driven by the rising demand for high-speed internet, low latency, and enhanced network capabilities across industries. The market is dominated by enterprises, with the entertainment and immersive tech segment leading the applications. Asia Pacific currently leads the market, while North America is set to experience the fastest growth.

Penguin Solutions, a leading enterprise solutions provider, announced the closing of a $200 million strategic investment from SK Telecom, an affiliate of SK Group. The investment will enhance Penguin Solutions' capabilities and financial flexibility as it expands its AI factory offerings.

The China-South Korea (Yancheng) Industrial Park Economic and Trade Cooperation Exchange Conference was held in Yancheng, China, to promote economic and trade cooperation between the two countries. The event attracted over 300 guests, including Fortune Global 500 companies and industry leaders, and resulted in the signing of several agreements in emerging industries.

PMT, GPRK and SKM made it to the Zacks Rank #1 (Strong Buy) income stocks list on June 26, 2024.