SK Chairman Chey Tae-won on SK Hynix Debut, AI Demand and US Plans

Summary

SK Group Chairman Chey Tae-won celebrates the record US ADR listing of SK Hynix, emphasizing AI-driven memory demand as a secular growth driver. He sees supply tightness persisting for years, underpinned by long-term customer contracts and the shift to a non-cyclical memory market. The interview also covers SK's broader AI infrastructure ambitions, the falling cost of AI, and China's alternative AI strategy.

• SK Hynix raises $26.5 billion in the largest-ever US listing by a foreign company.
• Chairman Chey Tae-won cites AI explosion as the catalyst, calling this the 'AI era' that spikes memory demand.
• He argues the memory business is no longer cyclical due to long-term customer agreements and AI inference needs.
• SK Hynix plans to double its capacity in five years, but customers demand even more, signaling sustained tight supply.
• The chairman dismisses AI bubble fears, noting token costs have fallen dramatically and AI remains in early stages.
• SK Group is planning up to 20 GW of AI data center capacity globally, leveraging synergy with its memory business.
• He highlights SK Hynix's unique partnership with TSMC and its stance of not competing with customers as competitive edges.
• On China, he sees a different AI strategy based on human capital and cheaper tokens, with no clear outcome yet.