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South Korea Denies Chip Profit-Sharing Think Tank Plan; Samsung Falls 5.84%

GateNews
Stocks
CHIP-4.73%
South Korea's Ministry of Industry, Trade and Resources formally denied reports on July 1 that the government planned to establish a state-led think tank to share chip manufacturers' excess profits, according to BlockBeats and Yonhapnews. The ministry stated that claims of Seoul proposing such a scheme to Samsung Electronics and SK Hynix are completely false, and vowed to take strict measures against those spreading misleading information. The denial follows AI boom discussions about redistributing record chip profits. President Lee Jae-myung previously suggested universal basic income funded by chip sector excess gains. Samsung Electronics and SK Hynix, dominant in the HBM market, have seen surging profits amid the AI supercycle. South Korea's KOSPI index fell 2.04%, with SK Hynix down 3.4% and Samsung Electronics down 5.84% following the government statement.
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