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Investing.com-- Hitachi Ltd (TYO:6501) shares surged on Friday after the Japanese industrial conglomerate entered a partnership with OpenAI to collaborate on energy and generative artificial intelligence.
Hitachi shares jumped as much as 9.5% to 4,285.0 yen, and were the best performers on the Nikkei 225, which jumped 1.5%.
Hitachi and OpenAI signed a memorandum of understanding to collaborate on energy technology for the AI industry. CEO Tokshiaki Tokunaga met OpenAI chief Sam Altman in Tokyo this week, Hitachi said in a post on social media site X.
Bloomberg reported the partnership will involve Hitachi’s energy and power grid operations, and will also involve its cooling, storage, and digital solutions hub Lumada.
The partnership is expected to support Hitachi Energy, which manufactures electricity and transmission equipment that is crucial for data centre operations. The company also provides services for renewable energy.
Optimism over the OpenAI partnership drove gains in broader Japanese markets, especially those with exposure to chipmaking and AI. Renesas Electronics Corp (TYO:6723) rallied 8% and was the second-best performer on the Nikkei behind Hitachi.
Advantest Corp. (TYO:6857) and Tokyo Electron Ltd. (TYO:8035) rose 3.4% and 2.3%, respectively.
Tech conglomerate and major OpenAI investor SoftBank Group Corp. (TYO:9984) rose 3.6%.