The investment comes after a March commitment to spend $90 billion on a chip fabrication facility near Seoul.
SK Hynix, the second largest chipmaker in South Korea behind Samsung, will invest $74.6 billion over the next three years to develop memory chip technologies focused on artificial intelligence (AI).
Parent company SK Group will also seek to secure an additional $57.8 billion to further fund its AI endeavors by 2026, according to a report from Reuters.
Per the report, SK Group has “suffered heavy losses” as of late through both Hyinx and its vehicle battery subsidiary. The outsized investments, if the second is secured, will total nearly $133 billion — according to Companies Market Cap, Sk Hyinx alone only has a market capitalization of about $118 billion as of the time of this article’s publication.