Chey Tae-won’s reforms pay off as SK hynix’s premium memory chips drive group exports to new heights
SK Group is on track to post a record 120 trillion won ($81.6 billion) in exports this year, propelled by surging global demand for premium semiconductor products from its crown jewel, SK hynix — a leading global memory chipmaker at the center of the artificial intelligence boom.
As of the third quarter, Korea’s second-largest conglomerate had already logged 87.8 trillion won in exports, marking a sharp 19.1 percent increase from 73.7 trillion won during the same period last year, the group said Tuesday.
If the current pace continues through the fourth quarter, total exports are expected to surpass the 120 trillion-won mark for the first time, comfortably exceeding last year’s record of 102.5 trillion won.
The group’s performance is overwhelmingly driven by SK hynix, whose advanced memory chips, especially high-bandwidth memory, or HBM, are crucial for training and running generative AI models. HBM has become one of the most in-demand semiconductor categories worldwide, and SK hynix, the primary supplier to Nvidia, has emerged as a key beneficiary.
Last year, SK hynix accounted for 54 percent of the group’s total exports at 55.2 trillion won. That share has climbed even higher this year: as of the third quarter, the chipmaker had already recorded 56.7 trillion won in exports, equivalent to 65 percent of SK Group’s total outbound shipments.
SK hynix’s performance has also delivered a broader economic ripple effect.
Korea’s total exports reached $185 billion in the third quarter, the highest quarterly figure since the government began tracking the data in 2010, with advanced memory chips alone contributing $46.6 billion.
The company’s rising profitability is reflected in its tax payments as well: SK hynix paid 4.3 trillion won in corporate taxes in the first nine months of this year, a staggering 45-fold jump from 94 billion won during the same period in 2023.
The strong momentum has been mirrored in the capital market.
SK hynix’s stock price has soared this year, lifting its market capitalization to 379 trillion won as of Monday, making it the second-largest company on the Kospi after Samsung Electronics. Analysts say the chipmaker’s weight in the index increasingly shapes overall market sentiment.
Market watchers note that SK Group’s expanding contribution to the national economy, through exports, tax revenue and capital market value, underscores the impact of its ongoing structural reforms under Chairman Chey Tae-won.
Since taking the helm in 1998, Chey has reshaped the group through a strategy centered on financial discipline, governance innovation and next-generation growth industries. The group has exited underperforming businesses, overhauled internal operations and expanded aggressively into future-oriented sectors such as artificial intelligence, green energy, digital platforms and biotechnology.
A pivotal moment came in 2012, when the group acquired SK hynix. The move elevated semiconductors into the group’s portfolio, historically anchored in energy and telecommunications, and transformed SK into a core player in the global semiconductor value chain.
“Chairman Chey’s vision has centered on strengthening Korea’s future competitiveness through sustained investment and job creation in key sectors like AI, semiconductors, energy and biotech,” an SK Group official said. “We plan to invest 128 trillion won in Korea by 2028 and increase annual hiring by more than 8,000 people.”
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