Nvidia (NVDA) supplier SK Hynix said it plans to spend 9.4 trillion Korean won ($6.78 billion) on a semiconductor manufacturing plant in South Korea to keep up with surging demand for 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) chips.

The company, which makes memory chips for some of the world's biggest AI heavyweights, is one of several South Korean companies planning to build fabrication plants at a site called the "Yongin Semiconductor Cluster" over the next several years, amid a push by the South Korean government to support the country's position in the growing chip market.

First of 4 SK Hynix Fabs To Start Constr🅷uction Next Year

"The company will make every effort to build the fab to lay the foundation for the company’s future growth and respond to the rapidly increasing demand for AI memory semiconductors," SK Hynix said in a release. The plant is set to start construction next year, for completion by May 2027.

After the first is completed,𒁏 the company also plans to build another three fabs to support a semiconductor cooperation complex, where SK Hynix said it will work with over 50 small Korean tech companies.

“The Yongin Cluster will be the foundation for SK Hynix’s mid- to long-term growth and a place f🐷or innovation and co-prosperity that we are creating with our partners,” SK Hynix Head of manufacturing t🌟echnology Kim Young-sik said.

Shares of U.S.-listed semiconductor companies including SK Hynix customer Nvidia gained in early trading Friday, 澳洲幸运5官方开奖结果体彩网:rebounding from recent losses as investors rotated into small-cap stocks expected to benefit from Federal Reserve rate cuts.