Chey Tae-won, Chairman of SK Group, is expected to discuss expanding investments in the semiconductor sector with Masayoshi Son, Chairman of SoftBank. As the government considers SK Hynix's 'Yongin Semiconductor Cluster' as the first investment destination for the KRW 150 trillion National Growth Fund, attention is focused on whether SK Group will accelerate securing funds for expanding semiconductor production facilities.

According to the investment banking (IB) industry on the 5th, Chairman Chey is reported to have a dinner meeting with Chairman Son at an undisclosed location in Seoul. Chairman Chey has maintained a relationship with Chairman Son, having attended an investment attraction event at Mar-a-Lago, the Florida resort of former U.S. President Donald Trump, at Son's invitation last October.

Industry speculation suggests that the meeting between the two global leaders, Chairman Son and Chairman Chey, may involve discussions on expanding cooperation in the fields of artificial intelligence (AI) and semiconductors. Chairman Son reportedly met with President Lee Jae-myung earlier in the day to exchange views on investments related to AI and semiconductors in Korea.

SoftBank, led by Chairman Son, is continuing large-scale investments in related fields, such as the 'Stargate' project, a U.S. AI infrastructure construction project valued at approximately USD 500 billion (about KRW 736 trillion), in collaboration with OpenAI. Recently, it also announced plans to invest an additional USD 22.5 billion (about KRW 33 trillion) in OpenAI. With SK Group requiring substantial funds for projects like the Yongin Semiconductor Cluster and AI data center construction, the interests of both parties are seen as aligning.

The global demand for AI is driving a continued shortage in the supply of memory semiconductors, such as high-bandwidth memory (HBM), increasing the need for expanded production facilities. SK Hynix, the global leader in the HBM sector, has been evaluated as lacking sufficient capacity for facility investment.

In fact, Chairman Chey stated at the 'Korea-U.S. Customs Negotiation Follow-up Public-Private Joint Meeting' held at the Presidential Office on the 16th of last month that more than KRW 600 trillion may be required for the Yongin Semiconductor Cluster. The initially estimated investment of KRW 120 trillion has increased more than fivefold due to rising exchange rates and soaring raw material prices. However, as of the third quarter of this year, SK Hynix's cash assets are less than KRW 30 trillion, posing constraints on accelerating investment.

Consequently, the government is considering the Yongin Semiconductor Cluster as the first investment destination for the KRW 150 trillion National Growth Fund. An IB industry insider commented, "There is interest in whether the meeting of the two leaders representing Korea and Japan will materialize into Korea-Japan semiconductor cooperation."

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