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Investing.com-- Chinese Apple supplier Luxshare Precision Industry (SZ:002475) rose sharply on Monday and Tuesday following a report that the company entered a deal with OpenAI to manufacture a consumer artificial intelligence device.
Luxshare rose as much as 10% in Shenzhen trade, extending gains after a 10% bounce on Monday. The stock hit a record high of 67.05 yuan, and vastly outpaced a 1% drop in the Shanghai Composite index.
Sentiment towards Goertek was also supported by CLSA reiterating its Outperform rating on the stock.
The Information reported late last week that OpenAI had signed a deal with Luxshare to build a consumer AI device designed to work closely with the startup’s core AI models and ChatGPT.
The report comes just months after OpenAI purchased hardware startup io Products, which was founded by former Apple Inc (NASDAQ:AAPL) designer Jony Ive, with the sole purpose of shifting into AI-based consumer hardware.
Luxshare is a major assembler of Apple’s flagship iPhones and AirPods, and is likely to provide advanced insight into consumer electronics.
OpenAI had also approached Chinese Apple supplier Goertek over a deal to supply audio components, the Information report said. Goertek assembles several Apple devices including AirPods, HomePods, and Apple Watches.
Goertek shares fell 5.5% on Tuesday after rallying 7.7% in the prior session.
Shares of Apple suppliers also took some support from optimism over strong demand for the company’s recently launched iPhone 17 launch.