[Market Focus] Shinsegae I&C Hits Upper Limit on Hopes for Entry into AI Data Center Business

Amid expectations that Shinsegae Group will enter the artificial intelligence (AI) data center business, the share price of Shinsegae I&C surged by over 29%, reaching the upper price limit.

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As of 3:08 p.m. on March 17, Shinsegae I&C was trading at 22,600 won, up 29.81% (5,190 won) from the previous day. Shinsegae I&C is an affiliate of Shinsegae Group that provides IT services.

This appears to reflect investor sentiment following news that Shinsegae Group has been selected as the first participant in the "AI Export Program" under the administration of former U.S. President Donald Trump and will build the largest AI data center in Korea.

Yongjin Chung, Chairman of Shinsegae Group, and Misha Laskin, CEO of U.S. AI startup Reflection AI, signed a strategic partnership memorandum of understanding (MOU) in San Francisco on March 16 (local time) to construct the Korea Sovereign AI Factory.

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