Chey Tae-won Says Additional U.S. Semiconductor Investment Possible If Conditions Are Right... Pursuing Projects in Korea and Overseas Simultaneously

【Seoul·New York=Jo Eun-hyo, Lee Byung-chul】 Chey Tae-won, chairman of SK Group, said in New York on the 10th local time that "additional investment in semiconductor production facilities in the United States is possible if the right location and conditions are in place." This is the second time he has publicly raised the possibility of overseas investment in semiconductor fabs, following remarks he made during a business trip to Japan last month. The comments came just after reports that U.S. Commerce Secretary Howard Lutnick had said he wanted to bring Samsung Electronics and SK hynix to the United States to build semiconductor production facilities, drawing attention to SK Group's future moves.

In an interview with CNBC after SK hynix's American Depositary Receipt (ADR) listing ceremony, Chey said, "We are reviewing additional investment beyond the advanced packaging facility in Indiana," adding, "If conditions such as power, water, labor and supply chains are in place, building a memory production plant is also possible." He is understood to be internally reviewing the construction of a semiconductor fab in addition to the roughly $4 billion artificial intelligence (AI) memory packaging plant planned in Indiana.
At a separate briefing with New York correspondents, Chey explained, "If conditions such as power, water and land are in place, it is only natural to consider investment in the United States or any other country," adding that this is "not a zero-sum game that reduces production in Korea, but a strategy to expand global supply capacity." He emphasized, "This is a time when we need to increase semiconductor supply capacity worldwide, not simply move production bases from one country to another."
At a public briefing on the country's three major mega projects held at Cheong Wa Dae on the 29th of last month, Chey announced a long-term plan to invest 110 trillion won in domestic semiconductor production facilities, including the new construction of Phase 2 of the Honam Semiconductor Cluster, worth about 40 trillion won, the Yongin Semiconductor Cluster with a total of four phases and 60 trillion won by 2033, MI17 in Cheongju, an 80 trillion won NAND production facility, and P&T7, a 20 trillion won advanced packaging facility in Cheongju set for completion at the end of 2027. The plan suggests that SK Group will pursue semiconductor fab investments simultaneously in Korea and overseas, focusing on favorable locations.
Chey also said he is reviewing a range of investments beyond memory plants, including AI, AI data centers, AI technologies, startups and joint ventures with partners. "We expect investments worth tens of billions of dollars to be made soon," he said. With SK hynix's Nasdaq listing as a catalyst, he outlined a plan to invest tens of trillions of won in the broader AI ecosystem in the United States, beyond memory semiconductors. An AI company established under SK hynix's leadership is expected to serve as a forward base for SK's AI investments in the U.S. SK hynix has begun with a 1.4 trillion won contribution, and SK and SK Telecom are joining as co-investors.

Chey dismissed recent concerns in the U.S. stock market about semiconductor demand and claims that semiconductor stocks have peaked, saying, "In the AI era, the structure of semiconductor demand is fundamentally different." He added, "Even though we announced plans to double production capacity within five years, customers are saying that is not enough and are asking us to supply more, not only High Bandwidth Memory but also DRAM." He stressed, "As the number of people using AI is growing much faster than expected, token generation is also surging. The pace of market expansion is far faster than competitive variables."
Chey said SK hynix's Nasdaq listing is highly significant because it gives the company direct access to global capital markets. He added that it will also be an important opportunity to secure global talent and broaden the investor base. "When we acquired Hynix 15 years ago, it felt like a dream, but now that dream has become reality," he said. "This listing is a historic moment for both SK and Hynix."
ehcho@fnnews.com Jo Eun-hyo Lee Byung-chul Reporter