South Korea to invest $1 trillion in chip and AI development

South Korea has unveiled plans for about $1tn (£760bn) of investments to build out the country’s chip manufacturing and artificial intelligence (AI) capabilities in the coming years, the BBC writes.

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.