Time to semiconduct some business. Elon Musk confirmed on social media that South Korean tech giant Samsung will manufacture AI chips for Tesla under a multiyear deal. Samsung is the world’s largest memory-chip manufacturer, but it’s been lagging behind when it comes to making chips for other companies on a contract basis. The Tesla deal helps solve that problem. Samsung will also manufacture the chips at its new factory in Taylor, Texas, not far from Tesla’s headquarters in Austin, so Musk will be getting chips off his own block. Musk says the $16.5 billion contract is the “bare minimum” of what the deal could be, predicting “actual output is likely to be several times higher.” Shares of both companies jumped higher today during trading: Tesla +3%, Samsung +6.8%. 📸 : Getty