On June 29, South Korean President Lee Jae-myung will announce a 'mega project' involving Samsung and SK Hynix to build...

On June 29, South Korean President Lee Jae-myung will announce a 'mega project' involving Samsung and SK Hynix to build a semiconductor cluster in South Jeolla Province, according to multiple Korean media reports Source 27, Source 33, Source 35. The investment, described as 'historic' by the president, is expected to involve trillions of won and will be jointly presented by four ministries Source 19. The cluster aims to strengthen domestic semiconductor manufacturing and reduce reliance on overseas supply chains. This comes amid a memory price surge forecast by Jefferies, predicting 50% Q3 and 40% Q4 price increases Source 47. For Samsung, the investment signals long-term capacity expansion, likely benefiting its memory and foundry businesses. SK Hynix is a direct co-investor, while Micron and Intel face intensified competition. The announcement faces political controversy, with opposition parties alleging favoritism Source 34, but the presidential office has confirmed the plan. Given multiple corroborating sources and official confirmation, confidence is high.