SK Telecom Co. Ltd. (NYSE:SKM) stock rose nearly 4% in Monday premarket trading as improving investor sentiment and a stronger broader market fueled demand for technology and telecom stocks.
The South Korean wireless carrier gained 3.87% to $38.89 before the opening bell, while Nasdaq futures climbed 1.34% and S&P 500 futures advanced 0.64%, pointing to a risk-on start for Wall Street.
NVIDIA, SK Telecom To Build Gigawatt-Scale AI Cloud In South Korea
Separately, NVIDIA Corp. (NASDAQ:NVDA) and SK Telecom said on Sunday they plan to build a gigawatt-scale AI cloud in South Korea using NVIDIA’s DSX platform, with the first AI factory expected to begin operations in 2027.
The infrastructure will support sovereign, enterprise, physical, and agentic AI services across the country.
The companies will also expand their partnership to jointly research next-generation AI factory architectures and AI infrastructure technologies, while SK Telecom will join NVIDIA’s Cloud Partner program.
Technical Picture Remains Constructive
From a technical perspective, SKM remains in an established uptrend. The stock is trading above its 50-day, 100-day, and 200-day simple moving averages, while a bullish “golden cross” formed in February when the 50-day average moved above the 200-day average.
The shares have recently entered a consolidation phase after reaching a 52-week high in June. The stock is trading slightly below its 20-day moving average, while its relative strength index stands at 46.83, indicating neutral momentum rather than overbought or oversold conditions.
Traders are watching the $40 level as a key resistance area, while support is seen near $36, close to the stock’s 50-day moving average where buyers have previously stepped in.
SK Telecom Price Action
SKM Stock Price Activity: SK Telecom shares were up 3.87% at $38.89 during premarket trading on Monday, according to Benzinga Pro data.
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