South Korean luxury department store operator Shinsegae has become an unlikely beneficiary of the global AI boom.

As AI data center operators race to buy memory chips, shares of Samsung and SK Hynix—the world’s two largest manufacturers of computer chips critical for feeding data to advanced AI systems—have soared, helping make South Korea the world’s best-performing major stock market this year.

Flush with this newfound wealth, a growing number of South Korean retail investors are splurging on luxury goods like those sold at Shinsegae, according to analysts. This trend has propelled Shinsegae’s shares up 220% year-to-date. The retailer has outperformed even Samsung, despite the company having no direct ties........

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