India, July 26 -- South Korea announced $950 billion in new AI initiatives involving Samsung Electronics, SK Group and U.S. tech firms as global AI leaders rush to fill a shortage of faster chips to power and develop more advanced systems.

SK Group has signed deals worth $750 billion, including SK Hynix's partnership with Nvidia valued at more than $500 billion, South Korea's presidential Blue House said after an AI summit hosted by President Lee Jae Myung in San Francisco.

Samsung Electronics said it had signed a memorandum of understanding with Broadcom covering up to $200 billion across memory chips, foundry services and advanced packaging.

The deals are the latest moves by U.S. AI firms hoping to lock in supply as demand for chips ...