June 12, 2026 /SemiMedia/ — SK Group Chairman Chey Tae-won said SK hynix plans to triple its wafer production capacity by around 2034 as artificial intelligence computing drives surging demand for advanced memory chips.

Chey said the company’s current expansion plan would double wafer capacity within five years. However, once all planned facilities are completed, capacity could rise to three times current levels by around 2034.

He added that some customers and industry participants are already saying even that may not be enough, underscoring the scale of memory demand expected from AI servers and next-generation computing platforms.

The latest remarks come about a week after Chey said at Computex that SK hynix planned to double wafer capacity over the next five years. The updated target shows the company is further reassessing long-term capacity requirements as demand for high-bandwidth memory and advanced DRAM continues to grow.

SK hynix is building four chip production plants in Yongin, South Korea. The first phase is expected to be completed early next year, and the site is set to become one of the company’s most important production bases for future advanced memory capacity.

The project was originally expected to continue through 2045, but Chey said the construction timeline has been accelerated by about 10 years. He said there is currently no way to move much faster.

As demand rises for AI servers, GPUs and AI accelerators, SK hynix has become one of the most important suppliers in the global AI memory supply chain. Its capacity expansion plans could affect not only the company’s market position but also the stability of high-end memory supply for AI infrastructure.

Chey also said SK hynix may consider building additional overseas plants after completing its domestic expansion in South Korea. Japan could be one potential location, he said, because it has many of the required conditions for advanced semiconductor manufacturing, including reliable electricity, clean water, skilled engineers and chemical suppliers.

He said semiconductor fabs require a complete ecosystem capable of supplying the raw materials, chemicals, utilities and technical workforce needed for stable operations.

SK hynix’s plan to move from a five-year capacity doubling target to a broader goal of tripling output by 2034 reflects how AI is reshaping long-term investment plans across the memory industry. As demand for HBM, advanced DRAM and AI server memory continues rising, global memory producers are expected to keep directing capital spending toward AI infrastructure.