Korea's new Future Response Fund will report a net funding shortfall within the next memory-chip downturn, plausibly by fiscal 2028 or 2029.

Although marketed to be growing steadily, the fund's inflows are explicitly procyclical, tied to corporate tax receipts from a semiconductor industry that historically turns every three to five years, so a memory price correction will halt or reverse contributions. This should reignite the debate fiscal critics have already raised about whether the fund can survive a change of administration.