SK Hynix Announces $74.6 Billion Investment to Develop Chips for AI – Crypto Times
Iyiola Adrian
SK Hynix, South Korea’s second-largest semiconductor manufacturer, has revealed plans to invest $74.6 billion over the next three years to develop memory chip technologies specifically tailored for artificial intelligence (AI) applications.
This comes after the company already promised to invest $90 billion in a new chip-making plant near Seoul.
The parent company according to Reuter’s report, SK Group, also seeks to raise another $57.8 billion by 2026 for more AI projects. If successful, this would bring the company’s total AI investment to $132.4 billion.
This major investment plan is viewed as a response to the growing demand for AI-capable semiconductors and the ongoing global chip shortage.
Moreover, SK Group’s strategy extends beyond financial investment. The company is also considering a restructuring of its operations, which may involve reducing its current portfolio of over 175 subsidiaries to better align with its AI-focused objectives.
SK Hynix believes this new direction will impact its financial performance, with expectations to increase profits from an estimated $16 billion in 2024 to approximately $30 billion by the end of 2025.
Also Read: Blockchain and AI are key to Fighting Financial Crime in Africa: Nigeria Official
Subscribe to our newsletter to get our newest articles instantly!
Understand the crypto world with us! Never wonder what’s happening in crypto again. Get quick and the latest news to serve you better.
Bitcoin News
Ethereum News
Altcoin News
DeFi News
Market News
NFT News
Blockchain News
AI News
Editorial
Press Release
Write for us
About Us
Contact Us
Career
Editorial Policy
We are using cookies to give you the best experience on our website.
This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.
If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.