South Korean shares rose 8% on Thursday, hitting record highs after Samsung Electronics averted a strike following a pay deal with its labor union, easing concerns about potential disruptions to the country’s economy and global ⁠chip supplies.

The benchmark KOSPI rose 606.64 points, or 8.42%, to close at 7,815.59, marking its highest closing level since May 14 and its biggest one-day gain since April 1.

Samsung Electronics rose 8.51% to a record close after the chipmaker reached an 11th-hour deal with its South Korean union, although the terms, which include bonuses of about $416,000 for some workers, sparked some concerns.

Shares of peer SK Hynix rose 11.17%.

“Investor sentiment around the chip sector improved after Nvidia’s earnings surprise suggested the possibility of a stronger artificial intelligence cycle,” said Daishin Securities analyst Lee Kyong-min.

Nvidia CEO Jensen Huang aimed to reassure investors on Wednesday that the world’s most valuable company can maintain its blockbuster growth with the help of a broad customer base and that new products will help it beat the $1 trillion sales forecast for its flagship AI chips.

Among other index heavyweights, battery maker LG Energy Solutions rose 4.29%, while Hyundai Motor and sister automaker Kia Corp rose 12.50% and 12.38%, respectively.

Steelmaker POSCO Holdings added 6.35%, while drugmaker Samsung ⁠Biologics gained 4.34%.

Out of a total of 917 traded issues, 669 shares advanced, while 221 declined.

Foreigners were net sellers of 243.4 billion won ($161.66 million) of the stock.

The won was quoted at 1,506.1 per dollar on the Onshore Settlement Platform, down 0.62% from its previous close of 1,496.7.

The most liquid three-year Korean Treasury bond yield fell 0.8 basis points to 3.750%, while the benchmark 10-year yield fell 4.0 basis points to 4.158%. ($1 = 1,505.6000 won)