SK Hynix announced yesterday that it plans to invest $3.1 billion to build a semiconductor factory in South Korea to cope with the growing demand for memory chips. According to the plan, the new plant will break ground at the end of 2018 and will be completed in October 2020.

Due to the rapid development of memory technology, SK Hynix has not yet decided which type of memory will be produced in the new plant, both DRAM and NAND memory are possible choices, but more specifically, there are dozens of specific types of memory in these two categories. Sk Hynix stated that the type of products produced at the new plant will depend on future market conditions.

After the ribbon cutting in October 2020, the memory market is likely to change dramatically. For the end user, this is good news. The global expansion of memory chip capacity will cause prices to continue to fall, because competition requires lower prices to achieve sales growth.