Samsung Electronics Co. will produce AI semiconductors for Tesla Inc. in a new $16.5 billion pact that marks a win for its underperforming foundry division.

Samsung Electronics (005930.KS) said on Monday it has signed a contract valued at $16.5 billion to supply semiconductors to a major global corporation, in a regulatory filing.

Samsung’s filing includes a notice to investors that the deal could be canceled or changed, but details like where the chips will be made (how’s that Texas plant going?) or what they’ll do are all un...