SK Group: Chey Tae-won hints at "much, much bigger" US plans

SK Group, a South Korean behemoth that also controls SK Hynix (one of the largest memory chipmakers), isn't slowing down. Its chairman, Chey Tae-won, made it clear that the previous $15 billion US investment plan was just an appetizer. Now, he's aiming for something "much, much bigger," as he told Bloomberg Tech.

This isn't just an empty promise, of course. In 2022, SK Group already pledged that $15 billion to expand semiconductor, EV battery, and biopharmaceutical production in the US. The company is clearly doubling down, driven by incentives and geopolitical strategy. Chey Tae-won discussed these plans with Ed Ludlow on Bloomberg Tech.

It's no secret the US is desperately trying to bring chip production back home. The pandemic exposed just how fragile the global supply chain can be. That's why Washington has put a significant amount of incentives on the table, not just pocket change. The CHIPS and Science Act, for instance, offers billions in grants and tax credits.

SK Group, with its SK Hynix, is a key player in the memory chip sector. Having a stronger manufacturing base in the US means not only accessing these incentives but also reducing geopolitical risks. It's a strategic move to secure a more stable future, less reliant on a single region. Who wouldn't want a bit more security, right?