South Korean President Lee Jae Myung vows $15.97B for AI, chips, physical AI, and data centers in the country's 2027 budget, nearly twice the 2026 amount (Reuters)

South Korean President Lee Jae Myung has vowed to allocate $15.97 billion toward artificial intelligence, chips, physical AI, and data centers in the country's 2027 budget, an amount nearly double that of 2026, according to Reuters. Economic Times Tech reports that the administration proposed a 12.8% increase in government spending for next year, totaling 820.9 trillion won ($615.62 billion), to strengthen South Korea's technological edge amid intensifying global competition over AI.

Government data showed on Sunday that South Korea's exports rose 93.7% from the same month last year to US$115.28 billion in October, marking the sharpest jump in more than 50 years. Free Malaysia Today reports that overseas semiconductor sales increased 259.4% to US$56.44 billion during the month, driven by global demand for AI investment.

Trade, Industry and Resources Minister Kim Jung-kwan stated that with monthly exports continuing to exceed US$110 billion, it is becoming certain that annual exports will reach US$1 trillion within November.

Brief written by urgent.news from Techmeme, Economic Times Tech, Free Malaysia Today — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.