Market Chatter: U.S. Commerce Secretary Pushes Samsung, SK Hynix to Boost Memory Chip Production in the U.S.

MT Newswires Live07-10 16:39

U.S. Secretary of Commerce Howard Lutnick pressed South Korean chipmakers Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) to boost memory chip production in the U.S. to help ease the global shortage of key AI components, Bloomberg News reported Friday.

The two chipmakers plan to invest a total of $880 billion in new chip facilities ahead to meet AI-driven memory demand. Lutnick said he is in talks with both firms to expand memory chip production in the U.S., following their U.S.-based rival Micron's decision to raise its planned U.S. investment to $250 billion by 2035.

Lutnick's comments came ahead of SK Hynix's U.S. market debut on the Nasdaq on Friday, with the company set to use proceeds to boost its chip production capacity.

Samsung Electronics and SK Hynix did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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