What Happened to SK Group?
SK Group, a South Korean multinational conglomerate, has significantly pivoted its strategy towards becoming a global leader in AI and semiconductors, alongside its traditional strengths in energy and telecommunications. The group is undertaking massive investments in AI data centers and advanced memory chip manufacturing, while also navigating a high-profile divorce settlement involving its chairman, Chey Tae-won.
Quick Answer
SK Group is currently undergoing a major strategic transformation, heavily investing over $1.36 trillion in AI chips and data centers to solidify its position as a global AI powerhouse by 2035. Its semiconductor arm, SK Hynix, is leading the charge in High-Bandwidth Memory (HBM) for AI, achieving record profits in 2025 and 2026. Concurrently, Chairman Chey Tae-won is involved in a high-stakes divorce settlement, agreeing to pay a substantial portion of the record-setting award.
📊Key Facts
📅Complete Timeline14 events
Founding of Sunkyong Textiles
SK Group's origins trace back to the founding of Sunkyong Textiles by Chey Jong-gun amidst the Korean War, marking its entry into the textile industry.
Acquisition of Korea Oil Corporation
Sunkyong acquired a 50% stake and management control of Korea Oil Corporation (later renamed Yukong, then SK Energy), transforming it into a major player in the petroleum industry.
Entry into Telecommunications with Korea Mobile Telecommunication Service
SK entered the telecommunications business by becoming the largest shareholder of Korea Mobile Telecommunication Service, which later became SK Telecom.
Rebranding to SK Group and Chey Tae-won's Succession
Sunkyong Group was rebranded to SK Group. Following the death of his father, Chey Jong-hyun, Chey Tae-won assumed leadership as chairman at age 38.
Acquisition of Hynix Semiconductor
SK Group acquired Hynix Semiconductor for US$3 billion, rebranding it to SK Hynix and establishing semiconductors as a third major growth axis for the conglomerate.
SK Innovation Launches SK On
SK Innovation spun off its battery business to launch SK On, focusing on advanced battery technologies for electric vehicles.
Executive Reshuffle and AI Unit Formation
SK Group announced its 2026 executive appointments and organizational reshuffle, focusing on field-centered operations, organizational innovation, and accelerating its AI business push with new AI research centers and transition units.
SK Hynix Establishes US-based AI Solutions Firm 'AI Co.'
SK Hynix announced the establishment of an AI solutions firm, tentatively named 'AI Co.', in the US by restructuring Solidigm, with an investment of up to $10 billion to drive SK Group's global AI strategy.
SK Telecom Partners with Nvidia to Build 'AI Factory'
SK Telecom announced a partnership with Nvidia to build and operate an 'AI Factory' in Korea, aiming to provide high-performance AI computing resources for companies and research institutions.
SK Group Announces $1.36 Trillion Investment in AI Chips and Data Centers
SK Group unveiled a massive 2,100 trillion won ($1.36 trillion) investment roadmap for domestic semiconductor manufacturing and AI data center deployments, with SK Hynix committing $706 billion and SK Telecom $642 billion.
Chairman Chey Tae-won Ordered to Pay Record Divorce Settlement
A Seoul High Court ordered SK Group Chairman Chey Tae-won to pay 944 billion won ($640 million) to his ex-wife, Roh Soh-yeong, in Korea's largest-ever divorce settlement.
SK Hynix Reports Record Q2 2026 Financial Results
SK Hynix announced all-time high quarterly performance with 79.3187 trillion won in revenues and 60.5426 trillion won in operating profit, driven by booming AI memory demand and mass shipments of HBM4.
Chey Tae-won Agrees to Pay Portion of Divorce Settlement
Chairman Chey Tae-won's legal representatives filed to amend the scope of his appeal, agreeing to pay 700 billion won of the divorce settlement and contesting only the remaining 244 billion won.
SK Innovation E&S Strengthens Global LNG Value Chain
SK Innovation E&S reinforced its position in the global LNG market by establishing an integrated LNG value chain with approximately 6 million tons of annual capacity, boosted by full-scale production from Australia's Barossa gas field, and plans to supply to domestic semiconductor plants and AI data centers.
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🔍Deep Dive Analysis
SK Group, a prominent South Korean chaebol, has historically been a diversified conglomerate with strong footholds in energy, chemicals, and telecommunications. Founded in 1953 as Sunkyong Textiles, the group expanded aggressively through strategic acquisitions, notably entering the oil industry in 1980 and telecommunications in 1994 with SK Telecom. The acquisition of Hynix Semiconductor in 2012 marked a pivotal moment, establishing semiconductors as a core growth engine.
In recent years, SK Group has embarked on an ambitious transformation, driven by the global surge in artificial intelligence. Recognizing the immense potential and demand for AI infrastructure, the group, under Chairman Chey Tae-won, has committed to a colossal investment roadmap. In July 2026, SK Group announced plans to invest 2,100 trillion won (approximately $1.36 trillion) in domestic semiconductor manufacturing and AI data center deployments. This includes 1,100 trillion won ($706 billion) for SK Hynix to scale HBM and next-generation DRAM/NAND production, and 1,000 trillion won ($642 billion) for SK Telecom to build 15 GW of AI data center capacity by 2035. This strategic pivot is aimed at securing upstream supply chain dominance and repositioning South Korea as a global AI hub.
The rationale behind this aggressive shift is the anticipated explosive growth of the AI sector and the critical role of advanced memory chips and data infrastructure. SK Hynix has emerged as a key player in the AI memory market, particularly with its High-Bandwidth Memory (HBM) products, which are essential for AI workloads. The company reported record operating profits in 2025 and Q1/Q2 2026, largely fueled by HBM demand. This success has even seen SK Group surpass Samsung Group in operating profit in 2025. Key turning points include the establishment of an AI solutions firm, 'AI Co.', in the US in January 2026, and a partnership with Nvidia to build 'AI Factories' in Korea, with SK Telecom playing a central role.
Concurrently, Chairman Chey Tae-won's high-profile divorce case has continued to draw significant attention. In July 2026, a Seoul High Court ordered him to pay 944 billion won (approximately $640 million) to his ex-wife, Roh Soh-yeong, marking Korea's largest-ever divorce settlement. While Chey initially appealed the full amount, in August 2026, his legal team agreed to pay 700 billion won, contesting only the remaining 244 billion won, citing a desire for a prompt resolution. This legal battle has raised questions about the financing of the payment, though analysts do not expect it to threaten his control of SK Group.
As of September 30, 2026, SK Group's current status is one of intense focus on AI and semiconductors, with massive investments underway to build out its capabilities. SK Hynix continues to lead in HBM technology, showcasing its next-generation memory portfolio and beginning mass shipments of HBM4. SK Innovation E&S is also strengthening its LNG value chain, including supplying to domestic semiconductor plants and AI data centers, highlighting the interconnectedness of the group's energy and tech strategies. The group is also undergoing internal restructuring to enhance efficiency and accelerate its AI business push, promoting younger leaders and forming dedicated AI units.
What If...?
Explore alternate histories. What if SK Group made different choices?