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South Korea says Samsung and SK Hynix investing in AI, semiconductor mega-projects
Shares of Samsung Electronics and SK Hynix declined on Monday after South Korea unveiled sweeping artificial intelligence and semiconductor mega-projects expected to attract hundreds of billions of dollars in investment over the coming years.
Samsung Electronics' stock was down 4.8%, while SK Hynix erased early losses of a near 6% decline to fall 1.6%.
President Lee Jae Myung announced plans to strengthen South Korea's semiconductor leadership and expand its artificial intelligence infrastructure through large-scale investments and new manufacturing capacity, saying the country must move faster than rivals to secure the technologies underpinning the AI era.
Samsung Electronics and SK Hynix will each build two new semiconductor fabrication plants in South Korea's southwest as part of an 800 trillion won ($518 billion) national semiconductor ecosystem project, the government said.
South Korea unveils $1tn chip and AI investment plan
South Korea has unveiled plans for at least $880bn (£666bn) of investments to build out the country's chip manufacturing and artificial intelligence (AI) capabilities in the coming years.
It is part of the country's so-called Three Mega Projects to develop new chip production hubs, data centres and robotics technology.
The plan is aimed at rejuvenating the economies of areas outside the capital Seoul, President Lee Jae-myung said on Monday.
It comes as regional rivals like Taiwan, China and Japan are investing heavily in chip factories and other technologies as the AI boom pushes up demand for semiconductors.
"We must secure the core elements of AI faster than any other country," Lee said. "Semiconductors, physical AI, and AI data centres are the triple axis for a great leap forward."
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