SK Chairman Chey Tae-won's Bold Move

Summary

Choi Ho presents a deep dive into SK Group's AI data center strategy, comparing it to Google's full-stack AI model and arguing for a major re-rating of SK Telecom. Park Se-ik adds critical perspective on execution risks, discusses potential spillover gains in SK Innovation and KOSPI leverage, and reveals his personal trade in SK Telecom.

• Choi Ho explains how Google's AI vertical integration model validates SK Group's 15GW AI data center plan.
• SK Telecom is identified as the listed proxy for the AI data center theme via its subsidiary SK Hyper.
• Valuation scenario analysis suggests SK Telecom could double to 200,000 KRW if it receives an AI infrastructure PER premium.
• Park Se-ik highlights the potential for SK Innovation to benefit from ESS battery demand in data centers.
• Park Se-ik bought KOSPI leverage on the view that the index had fallen deeply enough for a rebound.
• Skepticism is raised about the execution and technical risks of liquid immersion cooling and fuel cell solutions.
• The hosts discuss the historical precedent of SK Telecom once being the largest KOSPI stock during the dot-com era.