ICHEON - SK Group, a major South Korean conglomerate, announced its ambitious plan to secure 80 trillion won ($58 billion) for investments focused predominantly on artificial intelligence and semiconductors by 2026. This initiative underscores the company's strategic pivot towards leading-edge technologies to ensure future growth.
According to Yonhap News Agency, this funding decision was made during a recent two-day meeting of about 20 chief executives from its major affiliates at the group's research center in Icheon, located 58 kilometers southeast of Seoul. SK Group Chairman Chey Tae-won, who participated in the meeting via online platform due to his concurrent business engagements in the United States, emphasized the need for the conglomerate to undertake significant changes to maintain its competitive edge during this era of technological transition.
In addition to general AI investments, SK hynix Inc., a core affiliate of the group, plans to invest 103 trillion won by 2028 specifically in high-bandwidth memory (HBM) chips, which are crucial for AI chipsets, among other AI-related ventures. Furthermore, SK Telecom Co. and SK Broadband Co., leaders in wireless and telecommunications services, respectively, will allocate 3.4 trillion won towards the establishment of AI data centers by the same year.
The announcement comes amidst Chey's personal challenges, including a high-profile legal dispute with his estranged wife, Roh Soh-yeong, regarding their divorce proceedings. In May, the Seoul High Court ruled in favor of Roh, awarding her 1.38 trillion won in one of South Korea's most expensive divorce settlements. Chey has since appealed this decision, disputing the court's assessment of Roh's contributions to the conglomerate's growth.