Hitachi shares rose as much as 9.3% after the company said it formed a strategic partnership with OpenAI.

The Japanese electronics and industrial group will work with OpenAI on areas including energy, AI, and digital solutions, according to a memorandum of understanding signed on October 2.

A Hitachi representative said the collaboration will cover its energy and power grid business, cooling equipment, data storage, and its Lumada digital platform.

Analysts at Bloomberg Intelligence said the partnership could increase orders for Hitachi’s energy division and may support its data storage business.

OpenAI recently reached a US$500 billion valuation after completing a share sale for employees.

🔗 Source: Bloomberg