Chey Tae-won's pledge of 'hundreds of billions' in US AI investment puts Korean chip equipment stocks in focus

SK Group Chairman Chey Tae-won's plan to invest hundreds of billions of dollars in US artificial intelligence and data centers — and his openness to building a memory chip factory on American soil — has renewed investor interest in South Korean semiconductor stocks that have pulled back in recent weeks. Analysts expect that if SK hynix moves ahead with a full-scale capacity expansion, the benefits will ripple across front-end equipment makers, back-end packaging and test firms, and AI data center infrastructure plays.

Financial investment industry sources say a broad selloff in semiconductor shares accelerated recently on concerns about slowing AI investment and profit-taking. Korea Exchange data show that the KRX K-AI Semiconductor TOP2+ index fell 18.52 percent from July 1 through Friday, while the KRX AI Semiconductor index and the KRX Semiconductor TOP15 index dropped 17.24 percent and 15.89 percent, respectively, over the same period.

Chey made the remarks in a CNBC interview on Friday, timed to the NASDAQ listing of SK hynix's American depositary receipts. "In the AI space, I expect at least hundreds of billions of dollars in investment," he said. He identified AI data centers, related technologies, startups and joint ventures with partners as target areas. Leaving open the possibility of building a memory chip factory in the United States, he said every major tech company is "clamoring for more chips," underscoring the need to expand production capacity.

The market sees Chey's US investment vision as a potential positive not just for SK hynix but for South Korean semiconductor equipment makers more broadly. Greater AI data center spending would drive higher demand for HBM and server DRAM, triggering memory production line expansions and fresh equipment orders. A capacity scale-up at SK hynix is expected to widen order opportunities across the domestic semiconductor supply chain.

Securities analysts highlight Wonik IPS, Jusung Engineering and PSK as key front-end equipment beneficiaries of expanded capital spending, and Hanmi Semiconductor, Techwing, ISC and PSK Holdings as representative back-end plays poised to benefit from growth in HBM packaging and inspection processes.

Front-end equipment makers stand to be the earliest beneficiaries when memory production lines expand. PSK supplies dry-strip equipment that removes photoresist residue from wafers after the etching process. Wonik IPS and Jusung Engineering focus on deposition equipment essential for DRAM production, while Tes and Eugene Technology are also tied to SK hynix's memory line investment through their deposition and etching process tools. As memory capacity additions and the shift to finer process nodes accelerate, demand for new equipment orders as well as retrofits and parts replacements on existing tools should rise in tandem, analysts say.

Expanding HBM production is also expected to open new order opportunities for back-end and test equipment companies. Because HBM stacks multiple DRAM dies vertically, the packaging, stacking and inspection processes are far more critical than in conventional memory. Hanmi Semiconductor supplies thermal-compression bonders used in HBM stacking, while Techwing is extending its memory test handler business into HBM inspection equipment. ISC provides test sockets used to verify performance and detect defects in finished chips.

PSK Holdings is also classified as a back-end beneficiary through its packaging process equipment, positioned to gain from increased HBM back-end investment. As HBM stack counts rise, the importance of bonding and inspection processes grows, and analysts expect the upside for related equipment makers to expand accordingly.

Among AI data center-related stocks, Hanwha Vision has drawn attention. With Chey naming AI data centers as a core investment target, expectations are building that broader data center construction will lift demand for physical security and video surveillance solutions.

However, analysts caution that the actual extent of any benefit will depend on when SK Group's investment plans take concrete shape and when SK hynix's capacity expansion moves into full gear.

"When selecting promising domestic semiconductor stocks, the key criteria should be exposure to the AI memory boom, the transition to ultra-fine process nodes, and the expansion of advanced packaging," said Kim Young-jin, a researcher at Pinlit Research Center. "It is worth looking beyond memory makers to examine beneficiaries across the entire supply chain — materials, front-end equipment, and back-end and test companies alike."