SEOUL, July 2 (Reuters) – SK Hynix said on Thursday that it plans to invest 80 trillion won ($51.46 billion) to build a new factory for NAND memory chip production by 2029 to address a shortage driven by the AI boom.
SK Hynix plans to start construction of the new fab, called M17, in the South Korean city of Cheongju next year, according to its plan laid out at an event attended by its CEO Kwak Noh-jung and South Korean President Lee Jae Myung.
The chipmaker also plans to spend another 20 trillion won to build a new chip packaging factory in Cheongju by late 2027.
($1 = 1,554.6000 won)
(Reporting by Hyunjoo Jin and Heejin Kim; Editing by Jacqueline Wong and Jamie Freed)
