Seoul: President Lee Jae Myung on Wednesday called for reviews to ease strict regulations on cross-ownership between financial and industrial firms to support large-scale investments in artificial intelligence (AI), the presidential office said.

According to Yonhap News Agency, Lee made the remark in his meeting with OpenAI CEO Sam Altman, after the U.S. tech firm signed letters of intent with Samsung Electronics and SK hynix on supplying memory chips for its Stargate AI infrastructure project, said Kim Yong-beom, presidential chief of staff for policy.

Lee noted that Samsung and SK hynix may need to build new semiconductor plants to meet soaring AI demand, which would require "astronomical" investment, and instructed aides to explore regulatory adjustments to foster strategic sectors, Kim said. The president, however, stressed that easing the financial regulations should be done only "within a framework with safeguards to prevent monopolistic abuses and to keep regulatory easing from spreading into other areas," he added.

Lee also pointed to an envisioned public-private fund worth 150 trillion won (US$110 billion), set for launch in December, as a potential source of joint investment in mega projects such as semiconductor and energy facilities. Critics say limits on ownership ties between financial and non-financial companies are too rigid in the era of AI and mega-investments, as tech companies require massive funding and could benefit from closer ties with finance.