South Korea's SK Hynix to invest $75 billion by 2028 in AI, chips

FILE PHOTO: The logo of SK Innovation is
seen in front of its headquarters in Seoul

SEOUL (Reuters) - South Korea's SK Hynix, the world no.2 memory chip maker, will invest 103 trillion won ($74.6 billion) through 2028 to strengthen its chips business, focusing on AI, its parent SK Group said on Sunday.

SK Group also said it plans to secure 80 trillion won by 2026 to invest in artificial intelligence and semiconductors as well as fund shareholder returns, while streamlining its more than 175 subsidiaries.

The sprawling conglomerate outlined the plans following a two-day strategy meeting, aiming to revive the group after SK Hynix, its main money maker, and the group's electric vehicle battery arm suffered heavy losses.

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