Latest news with #CheyTae-won
Yahoo
4 hours ago
- Business
- Yahoo
Amazon Backs South Korea's $4 Billion AI Bet
SK Group and Amazon (NASDAQ:AMZN) Web Services are teaming up to invest roughly 7 trillion won ($5.11 billion), including a $4 billion AWS stake, in South Korea's biggest AI data centre, breaking ground in Ulsan this September and targeting 100 MW by Science Ministry confirmed that the SKAWS partnership will build a sprawling compute campus in Ulsan, set to begin construction in September 2025. Initial capacity will hit 100 megawatts by 2029, making it the largest AI-focused facility in the country. Warning! GuruFocus has detected 2 Warning Sign with AMZN. SK Group Chairman Chey Tae-won, speaking alongside President Lee Jae Myung and leading tech CEOs, pledged to eventually expand the site to one gigawatt and position Ulsan as a global AI hub serving domestic demand. Following the announcement, SK Hynix shares climbed about 4% in Seoul trading, while Amazon's U.S. premarket listing remained major AI infrastructure in Ulsan aligns with Seoul's push to decentralize high-tech investment and foster regional innovation. A home-grown data centre reduces reliance on foreign cloud nodes and could catalyse new AI startups, research partnerships, and talent clusters outside traditional tech centres. As the Ulsan campus scales toward gigawatt power, its performance will test the viability of mega-scale AI hubs outside established tech corridors. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
14 hours ago
- Business
- Time of India
South Korea says SK and Amazon to invest $5 billion in country's biggest data centre
South Korea's SK Group will invest around 7 trillion won ($5.11 billion), including $4 billion from Amazon Web Services , Amazon's cloud services provider, to build a data centre in the southern city of Ulsan , the Science Ministry said on Friday. The AI data centre , which will be the country's largest, will break ground in September and be fully operational with a capacity of 100 megawatts by 2029, the ministry said in a statement. SK Group Chairman Chey Tae-won said he planned to expand the data centre's capacity to one gigawatt in the future and make it a global hub that handles domestic AI demand during a meeting attended by President Lee Jae Myung and tech CEOs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo Artificial intelligence was crucial for South Korea's growth, he said. "It may set a good example that South Korea's high-tech industry is possible not only in the metropolitan area but also in the provinces," Lee said. Live Events South Korea's AI-related stocks on Friday extended a rally on policy optimism, with SK Hynix rising more than 3%, Kakao surging 11%, and LG CNS gaining 9%, leading the benchmark KOSPI above a key milestone of 3,000 points for the first time in 3-1/2 years. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The official announcement follows media reports earlier this month that SK Group and Amazon Web Services were building a data centre in South Korea. ($1 = 1,368.7600 won)
The Star
14 hours ago
- Business
- The Star
South Korea says SK and Amazon to invest $5 billion in country's biggest data centre
FILE PHOTO: Figurines with computers and smartphones are seen in front of Amazon logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo SEOUL (Reuters) -South Korea's SK Group will invest around 7 trillion won ($5.11 billion) including $4 billion from Amazon Web Services, Amazon's cloud services provider, to build a data centre in the southern city of Ulsan, the Science Ministry said on Friday. The AI data centre, which will be the country's largest, will break ground in September and be fully operational with a capacity of 100 megawatts by 2029, the ministry said in a statement. SK Group Chairman Chey Tae-won said he planned to expand the data centre's capacity to one gigawatt in the future and make it a global hub that handles domestic AI demand during a meeting attended by President Lee Jae Myung and tech CEOs. Artificial intelligence was crucial for South Korea's growth, he said. "It may set a good example that South Korea's high-tech industry is possible not only in the metropolitan area but also in the provinces," Lee said. South Korea's AI-related stocks on Friday extended a rally on policy optimism, with SK Hynix rising more than 3%, Kakao surging 11%, and LG CNS gaining 9%, leading the benchmark KOSPI above a key milestone of 3,000 points for the first time in 3-1/2 years. The official announcement follows media reports earlier this month that SK Group and Amazon Web Services were building a data centre in South Korea. ($1 = 1,368.7600 won) (Reporting by Hyunsu Yim and Jihoon LeeEditing by Ed Davies)
Korea Herald
13-06-2025
- Business
- Korea Herald
SK's top brass convene for strategy meeting to review business overhaul
SK Group's top executives have gathered for a two-day business management strategy meeting to assess the group-wide business restructuring efforts and discuss long-term growth strategies amid rapidly changing market conditions. Around 30 CEOs from major SK affiliates — including SK Group Chair Chey Tae-won, SK Supex Council Chair Chey Chang-won and SK Innovation Executive Vice Chair Chey Jae-won — are anticipated to take part in the annual meeting, according to industry sources on Friday. The high-level session is one of the group's four key annual events alongside the Icheon Forum in August, the CEO Seminar in October and the Directors' Summit in November. Sources assume that the key theme is once again portfolio 'rebalancing' — a group-wide initiative that SK launched last year to optimize business operations, streamline overlapping units and improve financial soundness. The rebalancing initiative revolves around three key principles: selection and concentration, span of control and financial health. Over the past year, SK's affiliates have accelerated structural changes, which analysts say have already begun to enhance the group's fiscal stability. Discussions will likely also extend to future growth engines, including strategic investments in artificial intelligence, advanced semiconductors and national-level core industries. Another agenda item will be operational improvement — an internal drive to refine management fundamentals based on the group's signature SK Management System philosophy. Reinforcing these principles is seen as vital to sustaining growth in an increasingly volatile global business environment. Following a recent cybersecurity breach involving SK Telecom, executives may also exchange ideas on how to rebuild consumer trust and bolster information security. As the group navigates a post-pandemic world marked by geopolitical tensions and technological upheaval, this year's management strategy meeting is expected to serve not just as a strategic checkpoint, but also as a forum to reaffirm SK's long-term commitment to innovation, governance and sustainable growth. SK chief Chey Tae-won is set to participate in the group's annual meeting following his participation in a morning meeting with President Lee Jae-myung and heads of five major conglomerates and six business associations.
Nikkei Asia
06-06-2025
- Business
- Nikkei Asia
Memory chip business to rely more on select customers: SK Group chairman
TOKYO -- The AI memory chip business is becoming more specialized but also more reliant on a small number of "locked-in" customers, according to SK Group Chairman Chey Tae-won. SK Hynix, the South Korean group's chip company, has made a name for itself amid the artificial intelligence boom as the primary supplier of high bandwidth memory (HBM) chips to Nvidia of the U.S.
