South Korea is upping its game in the AI chip industry with a whopping $642 million investment to propel the industry forward. The investment is expected to help the country's AI chip sector catch up with global players, particularly with the growing frenzy over the popular AI language model, ChatGPT.
The government aims to expand its presence in the industry by developing AI chips that can be utilized in self-driving cars, drones, and robots, among others. The investment comes at a crucial time when the AI chip market is projected to reach $91.18 billion by 2025, and South Korea is ready to tap into this opportunity.
The investment plan is to stretch over five years and will focus on research and development, startup funding, and providing support for small businesses in the AI chip industry. Moreover, South Korea aims to work collaboratively with research institutions and local companies to create the necessary infrastructure to support the industry's growth.
The country has already made progress in the industry, with Samsung and SK Hynix leading the pack in the development of their own AI chips. However, the latest investment is expected to help South Korea compete with China and the United States, who are already major players in the AI chip market.
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