SK hynix names Hyaico AI investment arm and appoints Chey Tae-won chair
A US securities filing identifies Hyaico Corp. and its leadership, formalising SK hynix’s plan for up to $10 billion in US AI investments. The figure is a maximum commitment, not an immediate outlay.
SK hynix has identified Hyaico Corp. as its US artificial intelligence investment arm and named SK Group Chairman Chey Tae-won to chair its board, according to The Korea Herald’s account of a filing with the US Securities and Exchange Commission. The filing formalises a plan first announced in January under the provisional name AI Co.; the proposed investment capacity is up to $10 billion, a maximum commitment rather than money being invested immediately.
Yonhap reported that the filing became public on Wednesday, November 4, US time. SK hynix President Song Hyun-jong will serve as Hyaico’s chief executive. The Korea Herald also named former SK hynix Vice Chairman Park Sung-wook, SK hynix CEO Kwak Noh-jung and SK Telecom CEO Jung Jae-hun as board members.
How Hyaico will operate through Solidigm
Hyaico is being established through a restructuring of SK hynix’s existing US arm, SK hynix NAND Product Solutions Corp., known as Solidigm, Yonhap reported. SK hynix plans to create a separate subsidiary, Solidigm Inc., to retain the Solidigm name. The Korea Herald reported that Hyaico will operate through Solidigm while investing in US AI companies and infrastructure projects, including AI factories.
SK hynix plans to keep returns from Solidigm’s existing memory business separate from Hyaico’s AI investments, The Korea Herald reported. An SK hynix official told the outlet that “Hyaico will be run with investment and profit clearly separated.” The company has not detailed how returns will be distributed.
How Hyaico’s $10 billion investment capacity will be funded
Hyaico is expected to receive funding through capital calls, allowing SK hynix and other investors to contribute as investment opportunities arise, according to The Korea Herald. The reports describe a broad remit covering US AI companies and infrastructure, but do not identify specific investments or a deployment schedule.
SK hynix announced the plan in January as part of a push to find AI growth opportunities beyond its memory-chip business, Yonhap reported. The Korea Herald said the investment arm is intended to help SK Group expand into the wider AI ecosystem and share technology and business opportunities across its affiliates. Its board brings together executives from the group’s semiconductor and telecommunications businesses.
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Sources and context
- SK hynix puts Chey Tae-won at helm of $10b US AI investment armThe Korea Herald
- SK Group chairman to chair board of SK hynix's U.S. AI armYonhap News Agency
AI-assisted article checked against the listed sources. NewsJaws did not conduct interviews or attend the reported events.