Seoul, June 29 -- South Korean chip giants Samsung and SK Hynix are scaling their semiconductor ambitions by committing nearly USD583 billion for two new fabrication sites, according to a report in the Korea Herald.

At the Presidential briefing, the two companies unveiled plans to build these facilities that will include four memory fabs in the southwest and advanced packaging plants in the North and South Chungcheong provinces, the report added.

The move comes at a time when the shortage of memory chips worldwide is fueling what has come to be known as 'chipflation'. Morgan Stanley, which coined the term, said that memory chip prices have risen six-fold in the last year due to the staggering demand from AI data centres.

Apple recently...