South Korean conglomerates and global technology giants, including Nvidia Corp., have agreed to pursue a series of cooperation projects collectively valued at $950 billion, a senior presidential official announced Friday.

The agreements were reached during a high-level meeting in San Francisco that convened the leaders of major global tech firms and South Korean conglomerates. Attendees included Samsung Electronics Co. Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, OpenAI CEO Sam Altman, and Nvidia CEO Jensen Huang.

Presidential chief of staff for policy Kim Yong-beom detailed the projects at a press briefing. The centerpiece is a long-term agreement under which SK Group will supply $750 billion worth of high-performance semiconductors to global tech companies, including Nvidia. SK Group's chipmaking arm, SK Hynix, and Samsung Electronics together control the bulk of the global memory semiconductor market, and both are leading suppliers of high-bandwidth memory (HBM) chips that are critical components in Nvidia's AI accelerators.

South Korean firms and their global counterparts also agreed to jointly invest in large-scale AI data centers with a combined capacity of 5 gigawatts and 2 million graphics processing units (GPUs), Kim said.

Additionally, South Korean internet portal Naver will establish global AI factories valued at $10 billion through a strategic investment agreement with Nvidia and an infrastructure supply deal with Brookfield, a Canadian investment management firm.

San Francisco AI Declaration

During the meeting, President Lee Jae Myung unveiled what his office termed the "San Francisco AI Declaration," a vision to position South Korea as a trustworthy production base and supply chain partner for artificial intelligence semiconductors.

"South Korea will make a leap forward to become an irreplaceable, core nation in the AI supply chain," Lee said.

"Based on the world's highest-level competitiveness and production capacity in memory semiconductors we have, (South Korea) will become a trustworthy AI chip production base and supply chain partner," the president added.

The declaration comes as Seoul seeks to build on the momentum generated by surging global semiconductor demand driven by the AI boom, which has helped elevate South Korea into one of the world's leading chip supply hubs. The push also comes amid intensifying U.S. export controls on advanced semiconductors to China, which have reshaped global chip supply chains and heightened the strategic importance of allied semiconductor-producing nations.

"South Korea will establish a world-class AI hub that will reliably supply the core infrastructure needed by the global AI ecosystem," Lee said.

Referring to South Korea by its official name, he added: "The Republic of Korea will create a new market where the world can grow together by becoming not only a key supplier but also a country that most effectively and swiftly utilizes AI."

Lee also pledged efforts to create new markets for real-world AI applications in sectors such as manufacturing and logistics, and said the country aims to serve as a test bed for AI adoption.

"South Korea will become a responsible partner that shares the opportunities and benefits of AI with the world and grows together rather than pursuing growth alone," he said.

Broader Investment Context

Last month, South Korea announced three megaprojects totaling over 4,000 trillion won ($2.73 trillion) in investments spanning a semiconductor production cluster, physical AI, and AI data centers.

President Lee arrived in San Francisco earlier Friday as part of a five-nation trip that will subsequently take him to three South American countries, including Chile and Argentina. He is scheduled to depart Saturday for Brazil.