SK Group aims to secure $56bn by 2026 to invest in AI and chips

SEOUL -- South Korea's SK Group aims to come up with 80 trillion won ($56 billion) by 2026 to invest mainly in artificial intelligence and semiconductors, as it looks to secure its chipmaking unit's position as the key supplier of advanced memory to Nvidia and other AI players.

The country's second-largest conglomerate announced on Monday that its top executives agreed during a two-day meeting over the weekend that the company would use money secured by improving profitability, optimizing its business structure and creating synergies to invest in high-bandwidth memory (HBM) chips, data centers and personalized AI assistant services to strengthen its supply chains for the emerging technology.