Shortage of semiconductors has been reported worldwide and is attributed to the side effects of the coronavirus pandemic, poor weather, and the US government sanctions on Chinese technology companies.

To prevent more intense damage from the shortage, chipmakers in South Korea are reportedly spending huge sums of money to boost the production of chips that can last a decade.

Samsung has reportedly paid tens of billions of dollars to South Korean manufacturers for semiconductors to cover through 2030. Samsung will also be spending another $34 billion on the production of logic chips for powering computers. By 2030, Samsung’s target is to be the world leader in logic chips through expanding its foundry business to help fuel entire new industries built on next-generation technologies like AI, 5G, and autonomous driving.

The co-CEO and Vice Chairman of SK Hynix, Park Jung-ho in a statement said the company will devote to stabilize the global semiconductor supply amid the global chip shortage. He however refused to divulge how much it is investing.