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South Korea’s SK Hynix, the world’s second-largest memory chip maker, plans to invest about $75 billion by 2028 to enhance its semiconductor business with a strong emphasis on artificial intelligence, according to a Sunday announcement from its parent company, SK Group.
SK Group also aims to secure approximately $58 billion by 2026 for investments in AI and semiconductors, as well as shareholder returns. This initiative is part of a broader strategy to streamline its extensive network of over 175 subsidiaries.
These ambitious plans were unveiled following a two-day strategic meeting designed to rejuvenate the conglomerate, which has faced significant losses in its key units—SK Hynix and its electric vehicle battery division.
The group intends to bolster its competitiveness by focusing on the AI value chain, which includes high bandwidth memory (HBM) chips, AI data centers, and AI services like personalized AI assistants. SK Group Chairman Chey Tae-won emphasized the need for “preemptive and fundamental change” during this transitional period.
Executives at the meeting also agreed to gradually reduce the number of subsidiaries to a more manageable level, although specific details on the scale of this reduction were not provided. Local media reports suggest that SK Innovation, which owns the country’s largest oil refinery and battery maker, SK On, may pursue a merger with its profitable gas affiliate, SK E&S.
SK Group anticipates a profit before tax of approximately $16 billion this year, recovering from last year’s losses, with a target of $29 billion in profit before tax by 2026.
South Korea, home to leading memory chip manufacturers Samsung Electronics and SK Hynix, has lagged in areas such as chip design and contract chip manufacturing. Earlier this year, the government announced a $19 billion support package to help its chip industry remain competitive amid intense global competition in the semiconductor market.
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