SK hynix plans $830 mn fund to invest in AI, metaverse, block chain

SK hynix, a South Korean memory chip maker, said it will invest in the joint establishment of a chip firm in the US with two other subsidiaries of South Korean conglomerate SK Group to diversify its product portfolio and expand its global business.
SK Hynix chip business
The world’s second-largest memory chip maker said the new company, SAPEON will be established with SK Telecom, South Korea’s largest mobile carrier by subscriptions, and SK Square the investment spinoff of SK Telecom, will introduce the artificial intelligence chip SAPEON, developed by SK Telecom in 2020, in the global AI semiconductor market, reports Yonhap news agency.

The investment decision was the result of the SK ICT Alliance formed by the three companies to develop and invest in information and communication technologies and create global market opportunities, the company said.

The three companies also plan to create and run a 1 trillion won ($830 million) fund this year to invest in the fields of AI, metaverse, chips and block chain.

As part of its global expansion plan, SK hynix said it was seeking to collaborate with other global players, including Qualcomm.