Following recent advances in generative AI – especially the OpenAI ChatGPT notoriety that has taken the tech industry by storm, the South Korean government has made a planned investment in the AI semiconductor industry in the country in hopes to become a key player in fulfilling the new global demand for next-generation AI chips.
According to TechCrunch, South Korea's Ministry of Science and ICT has said it would earmark $642.5 million (826.2 billion won) to invest in companies working on advanced AI chips through 2030.
The announcement is a part of the country’s bigger digital strategy plan unveiled in September 2022, which places bets on six major technologies — AI, AI semiconductors, 5G and 6G communication, quantum, metaverse and cybersecurity.
The investment will involve building new data centres, working with AI chip startups and teaming up with cloud service providers, among other projects.
South Korea's efforts similarly follow that of countries like the US, Japan and India which are also making strategic plans to become major strongholds in the advanced chip race.