Samsung’s Korean stock (ticker: KR:005930) was up nearly 7% Monday on the news. The deal is an opportunity to prove that the woes of the past few years are in the rearview mirror.

Tesla chief Elon Musk said on Monday his company is working with the South Korean giant to produce the next-generation AI6 chip at Samsung’s Texas fab.

Advanced chip manufacturing is a very costly but also very lucrative business, and for TSMC, business has been extremely good. However, that's not been the case for Samsung, the world's second-largest chip maker after TSMC,

Electric vehicle costs in the US could drop by $6,000 or more. Ford, GM, and Tesla have all invested heavily in LFP battery production in the US, partnering with LG, Samsung, and in the case of Ford, using tech from Chinese battery giant CATL. Stellantis has also partnered with CATL to build an LFP factory in Spain.