Samsung and SK join OpenAI in $500 billion AI project

Samsung and SK are taking a leading role in the U.S.-based “Stargate Project,” an artificial intelligence infrastructure initiative led by OpenAI. The project, which also involves Oracle and Japan’s SoftBank, plans to invest $500 billion by 2029 to build massive data centers in the United States. Launched shortly after U.S. President Donald Trump took office in January, the project is expected to strengthen the South Korea-U.S. AI alliance with Korean firms joining as major partners.

On Oct. 1, both companies signed letters of intent with OpenAI CEO Sam Altman during his visit to South Korea, agreeing to collaborate and supply memory semiconductors, including high-bandwidth memory (HBM), for the project. HBM alone requires about 900,000 wafers per month, more than double current global production. This creates roughly 100 trillion won in new demand. Samsung and SK also plan to build OpenAI-dedicated AI data centers in Pohang and the southwestern region of Korea, further strengthening cooperation.

Meeting semiconductor supply requests on time will require massive investment. Experts say loosening the financial-industrial separation regulation, which has restricted Korean companies’ financing for 43 years, is necessary. On Oct. 1, President Lee Jae-myung said the current rules could be reviewed for AI investment, provided safeguards prevent monopolistic abuse.

Financial-industrial separation has become outdated in the “big blur” era, where IT has blurred industry boundaries. Japan and the European Union have no such restrictions, and U.S. holding companies can own financial firms beyond banks. Easing the separation would enable companies with expertise in advanced industries to create funds and attract both domestic and international investment.

BlackRock, the world’s largest asset manager, recenlty pledged to invest in Korea’s AI sector. With the OpenAI partnership, momentum is building for Korea to emerge as an “AI hub in the Asia-Pacific” and a top-three AI power globally. To advance research, expand infrastructure, and attract talent, companies need timely access to funding. Experts argue that outdated regulations limiting capital flow should be dismantled.