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SK hynix to invest $75 billion in AI and chips by 2028

SK hynix plans to invest invest KRW 103 trillion (USD 74.6 billion) by 2028 to boost its semiconductor business, with a strong focus on artificial intelligence (AI), SK Group revealed on Sunday.

Reuters reports that the group aims to secure KRW 80 trillion by 2026 to fund investments in AI and semiconductors, as well as shareholder returns, while streamlining its extensive network of 175 subsidiaries. 

These strategic plans were outlined following a two-day meeting designed to rejuvenate the conglomerate. SK Hynix, its key profit driver, and the group's electric vehicle battery arm have recently suffered heavy losses.

To enhance competitiveness, SK Group will concentrate on the AI value chain, which includes high bandwidth memory (HBM) chips, AI data centres, and AI services such as personalised AI assistants, Reuters reports.

SK Group Chairman Chey Tae-won stressed the importance of a "preemptive and fundamental change" during this period of transition.

Executives also agreed to gradually reduce the number of subsidiaries to a "manageable range," though specific details were not disclosed.


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June 13 2024 1:49 pm V22.4.55-2