Samsung, SK Hynix to announce major chip deals with US tech firms during Korean president's Silicon Valley visit

Published Jul 24, 02:43 PM UTC

South Korean memory chip giants Samsung and SK Hynix are expected to announce multibillion-dollar strategic partnerships, memorandums of understanding, and long-term supply deals with leading US technology companies. The announcements are set to occur during South Korean President Lee Jae Myung's visit to Silicon Valley for a high-profile AI summit in San Francisco, which began July 24. The summit brings together industry leaders including Samsung's Lee Jae-yong, SK Group's Chey Tae-won, Nvidia CEO Jensen Huang, and CEOs of OpenAI, Anthropic, and Broadcom. The deals follow South Korea's $880 billion investment plan to strengthen AI leadership through chip production expansions and data center buildouts. Presidential policy chief Kim Yong-beom stated that US companies account for 80-90% of underlying orders driving South Korea's domestic expansion, though Washington has not formally requested expanded chip production in the US.