South Korea to pour billions into AI

South Korea will pour nearly $16 billion on artificial intelligence and semiconductors, South Korea's President Lee Jae Myung said in his annual budget address to parliament.

"We will invest 21.3 trillion won (€14.3 billion, $15.97 billion), nearly twice ​this year's amount, in AI and the three megaprojects of semiconductors, physical ​AI and ‌AI data centres," Lee said on Monday.

He added that 4.7 trillion won will be invested to bolster "frontier AI development projects, with the aim of achieving world-leading performance for our own AI model, a national strategic asset."