Nvidia CEO Jensen Huang has announced plans for a $500 billion business partnership with SK Group as the US chipmaker expands its collaboration with South Korea's leading technology and industrial companies.

He said Nvidia will work with Samsung Electronics and SK hynix on semiconductor design while broadening partnerships with Naver, Hyundai Motor Group and LG in artificial intelligence (AI), autonomous driving and energy, reports Korean media Chosun Biz.

On July 24, Huang met South Korean President Lee Jae-myung, who is visiting the United States, and said, "SK Group and Nvidia will announce a business partnership between the two companies today," adding that "the size amounts to $500 billion."

During the meeting, Huang also outlined a series of cooperative projects that Nvidia is pursuing with major South Korean corporations.

In the semiconductor sector, Huang said Nvidia plans to partner with Samsung Electronics and SK hynix on chip and memory design. The initiative aims to combine Nvidia's AI semiconductor technology with the memory expertise of South Korean companies to expand the scope of cooperation.

He also announced a major investment plan involving Naver. Describing Naver as Korea's leading cloud company, Huang said, "Through this partnership, we plan to support not only Naver's business in Korea but also its expansion into global markets."

With Hyundai Motor Group, Nvidia plans to jointly develop Genesis vehicles equipped with Autonomous Driving technology. Responding to the announcement, President Lee noted that Hyundai Motor Group is pursuing robotics-related investment in the Saemangeum area of North Jeolla and said, "Expectations are high among young people in Korea and residents of the North Jeolla region."

Huang also said Nvidia and LG are jointly developing a power generation system for use in factories and homes. He did not disclose specific details of the business model or the size of the investment.

Nvidia also intends to expand AI research cooperation with South Korean research institutes. Huang said the company will establish an "AI Frontier Lab" in Korea to promote joint research and is considering relocating some Nvidia-affiliated researchers to the country.

He also unveiled plans to collaborate with the Korea Advanced Institute of Science and Technology (KAIST) to build what he called "Korea AI." Huang said, "We plan to develop a large language model (LLM) in the Republic of Korea for the Republic of Korea," adding, "We are building a range of partnerships spanning from AI chips to physical AI and infrastructure."