On June 11, SK Group Chairman Chey Tae‑won announced that SK Hynix will triple its total wafer capacity by 2034 , up from a “double by 2031” target set just a week earlier, driven by explosive AI memory demand. “Even tripling, the market may still be tight,” he said.

The expansion centers on Yongin, South Korea , where four fabs are under construction. The project – originally slated for completion by 2045 – has been accelerated by roughly ten years, with first‑phase completion targeted for early 2027 .

For overseas expansion, SK Hynix will prioritize Japan after domestic capacity is in place, citing Japan’s strong semiconductor ecosystem: ample power, clean water, skilled engineers, and mature chemical supply chains.

SK Hynix, the world’s second‑largest memory maker, has seen its market cap exceed $1 trillion in May 2026, fueled by AI‑driven HBM demand and tight supply. However, recent Middle East tensions, diverging AI outlooks, and rising global rates have triggered a ~11% stock decline in early June.

ICgoodFind: SK Hynix’s aggressive 3x capacity target underscores long‑term AI memory conviction, but near‑term execution and market volatility remain key watches.