South Korea denies reports that it will make its first investment in the U.S. in chips.

South Korea has denied reports that it was discussing making semiconductors its first investment in the U.S. The South Korean presidential office said Tuesday, "The claim that the two countries discussed semiconductors as a candidate for the first strategic investment project is not true." The presidential office did not disclose details of negotiations between Seoul and Washington on the investment commitment. Earlier, JoongAng Ilbo reported that South Korea’s first investment project, which it had planned to announce later this month, faced uncertainty after Washington suddenly sought investment in U.S. memory chip facilities. According to the newspaper, the request was the focus of a closed-door trade meeting held at the presidential office on August 13. South Korea had initially targeted the energy sector for its first major investment in the U.S., and officials present generally deemed investing in a U.S. memory chip factory unrealistic, as Samsung Electronics and SK Hynix have pledged to invest at least $880 billion in building chips and data centers.