Samsung Electronics Co. shares surged on Friday, poised to close at an all-time high as investors bet on the company’s growing potential in artificial intelligence chips and its strengthening traditional memory business.

The stock climbed as much as 6.1% to 94,400 won in Seoul after markets reopened following a weeklong holiday. Shares of South Korea’s largest company have gained 76% so far this year, lifting its market capitalization to $391 billion.

Investors are wagering that Samsung can narrow the gap with smaller rival SK Hynix Inc. in supplying high-bandwidth memory (HBM) chips to Nvidia Corp. and other AI chipmakers. A major supply deal with OpenAI for both Korean firms has added further momentum.

“Samsung’s valuation gap is narrowing as it moves closer to supplying Nvidia with high-bandwidth memory and continues large-scale AI investments,” said Shawn Oh, an equities trader at NH Investment & Securities Co. “Nvidia and Samsung are reportedly in the final stages of negotiating supply volumes, prices, and schedules.”