Tech buying is back, fuelled by major investments from South Korea. ST shares are up in Milan
“By 2035, we will build new AI-dedicated data centres with a capacity of 10 gigawatts, bringing the total capacity to 18.4 gigawatts,” said Science Minister Bae Kyung-hoon
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(Il Sole 24 Ore Radiocor)- Buying in tech shares is picking up again following the recent sell-off triggered by fears of a price bubble, after months of gains.
The buying spree was triggered by South Korea’s announcement of a massive investment of 568 billion euros in data centres dedicated to artificial intelligence by 2035. “By 2035, we will build new AI-dedicated data centres with a capacity of 10 gigawatts, bringing the total capacity to 18.4 gigawatts,” said Science Minister Bae Kyung-hoon. At the same time, the Seoul government also announced that South Korea’s leading electronics firms, Samsung and SK Hynix, will invest the equivalent of 455 billion euros in semiconductor manufacturing facilities for artificial intelligence. The project involves the construction of four production plants, data centres and other infrastructure in the south-western region of the country, an area that is relatively underdeveloped.
The news has thus given a boost to the entire sector: the Stoxx sub-index for the sector has risen by more than one percentage point, whilst on the Milan Stock Exchange Stmicroelectronics is among the top performers on the FTSE MIB. Outside the main index, Technoprobe. Elsewhere in Europe, there is also buying interest in Infineon Technologies, ASML International and ASML Holding.
