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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Welcome to our Bloomberg

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Speaker 1: television and radio audiences all around the world. Sk Heinix

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Speaker 1: the biggest first time US share sale buy a foreign company,

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Speaker 1: setting a record, and we are joined by sk Group

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Speaker 1: chairman k One. Congratulations, Oh, thank you, thank you, Ed.

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Speaker 1: I think a sensible place to start is why now,

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Speaker 1: you've been thinking about a US listening for some time,

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Speaker 1: But why put sk Heinex in front of US investors?

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Speaker 2: Now, Well, we've been waiting for that for a long

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Speaker 2: long time and since I acquired that Heinez about fifteen

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Speaker 2: years ago.

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Speaker 3: So this is one of my songs.

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Speaker 2: Well we have to go to access to the US

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Speaker 2: capital market, so now dream comes true. So people asking

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Speaker 2: why now, But well this is kind of kind of

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Speaker 2: always the moment.

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Speaker 3: While we can, we can have the moment possible.

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Speaker 1: Twenty six point five billion dollars is a lot of money,

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Speaker 1: but in the context of s case commitment domestically in

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Speaker 1: Korea and internationally not so big. Can we expect multiple

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Speaker 1: returns to a DRS the sale of multiple rounds of

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Speaker 1: a DRS, Well, yes, I.

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Speaker 3: Expect we can.

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Speaker 2: We can deliver those things too, So we try to

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Speaker 2: expand that our ADL size and also better that actually

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Speaker 2: requires a better returns. Once we have a better return

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Speaker 2: than well, there is a more demand. So so first

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Speaker 2: thing is that while we have to keep the suck

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Speaker 2: price stable and well hopefully in our long run, then

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Speaker 2: will we can have that the well upside potentials. And

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Speaker 2: I see that the world this moment, So this is

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Speaker 2: a ai era. So there's ai era is actually spiked

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Speaker 2: that a lot of demand for the memory.

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Speaker 3: So this is the kind of time for us?

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Speaker 1: Is this something near term? Did you with the leadership

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Speaker 1: group and your CFO say we will need to do

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Speaker 1: this with regularity or you haven't discussed that yet.

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Speaker 2: Well, to tell you the truth, yeah, we've been discussing

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Speaker 2: that one. But I cannot just saying that in a

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Speaker 2: detail yet.

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Speaker 1: So I appreciate that Jamee and j The US listing

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Speaker 1: gives SK a new source of equity capital. But what

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Speaker 1: about the broader US capital markets. Do we see SK

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Speaker 1: group Skhinex as well become an issuer of global bonds

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Speaker 1: global debt?

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Speaker 2: Well that's a possible, but I guess right now the

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Speaker 2: well we have enough cash for the sk Heinex some

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Speaker 2: other when you could be actually issuing that another the

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Speaker 2: bond and the one yeah that the capital.

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Speaker 1: Market chairman j right, bear with me, I'm going to

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Speaker 1: get this out for our audience around the world. This

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Speaker 1: is why we're all here. This you can't even see it.

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Speaker 1: Tiny HBM four e hie bandwidth memory twelve layers in

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Speaker 1: this case, right, the whole world knows about this. How

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Speaker 1: severe and how tight is the supply right now of

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Speaker 1: HBM and more more importantly, how long is that going

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Speaker 1: to last? Do you have a sort of a year

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Speaker 1: where you see the supply situation changing.

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Speaker 2: Well, if you really understand the all the requirement and

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Speaker 2: the condition for that that HBM memories high and you

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Speaker 2: have to understand.

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Speaker 3: That the AA side first, so people.

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Speaker 2: Know that the lies of language model, Yes, yes, but

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Speaker 2: that larger language model as a very important things.

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Speaker 3: But I guess in the future, so the more.

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Speaker 2: We're using that AI and the AI actually requires more.

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Speaker 1: The inference phase.

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Speaker 2: Yes, but I see that memory the meaning is a

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Speaker 2: KB caching so well, it generated a lot of KB

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Speaker 2: cashing the.

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Speaker 3: Due to that.

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Speaker 2: The keeping that the performance of the l l M,

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Speaker 2: then you should have that the world the larger volume

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Speaker 2: of the KB caching, and you have to actually this

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Speaker 2: is kind of a memory in the people that it's

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Speaker 2: the same thing we store that the memory in our brain.

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Speaker 2: And you a, I need that the world those kind

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Speaker 2: of KB caching, that memory has to show us somewhere.

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Speaker 2: So if you had that the world better size of

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Speaker 2: the memory, then a better performance as a as as

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Speaker 2: simple as that and that memory side as a well,

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Speaker 2: it's turning into well as a as a different different cycle.

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Speaker 2: I shouldn't say that the cycle is a different moment.

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Speaker 2: So uh and back then, uh, the old days. The

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Speaker 2: memory chip is a memory chip. Demand is actually depends

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Speaker 2: on the number of people, number of the hardware.

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Speaker 3: Said.

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Speaker 1: That was a consumer electronics story in part yes, boom

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Speaker 1: and bust.

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Speaker 2: Yeah, you know, well mostly well you add that to

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Speaker 2: your own smartphone, but you don't need that the world

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Speaker 2: tens of different type of the smartphone. You only using

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Speaker 2: that to just one like a PC. Right, So the

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Speaker 2: demand is actually the limited.

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Speaker 3: By that the one number of the people.

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Speaker 2: But in AI era, that's a different You may use

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Speaker 2: that the your own AI agent in a probably in

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Speaker 2: a few years from uh from now, then you might

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Speaker 2: have that the tens over the hundreds difference of your

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Speaker 2: own agent, so that every agent needed a lot of memories.

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Speaker 2: Course that the world they created a lot of kb cashi,

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Speaker 2: so you have to actually saw somewhere that actually needs that.

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Speaker 2: The huge amount of the memory. Well that's the that's

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Speaker 2: the AI the era. So I guess that memory business

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Speaker 2: has turned into that. Well it's a different stitch.

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Speaker 1: You still called it a cycle though, that's the demand side.

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Speaker 1: A reason to do the ADRs is to raise capital,

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Speaker 1: in part to boost capacity. Your industry peers Micron had

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Speaker 1: said very recently they have line of sight to supply

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Speaker 1: improving twenty twenty eight the other side of twenty twenty

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Speaker 1: seven in part because of the capacity that is coming online.

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Speaker 1: What does sk Heinex see.

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Speaker 2: Well, we didn't talk to that our customers, so where

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Speaker 2: we just announced that, Yeah, a few months ago. So

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Speaker 2: we're going to double up the Yes, within a five years.

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Speaker 2: So that means that what we've been doing that the

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Speaker 2: business in more than over twenty five years.

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Speaker 3: Uh.

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Speaker 2: And then while with the next five years we're going

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Speaker 2: to double up our whole copacity is well, people see

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Speaker 2: that that's unrealistic and probably the almost apply and people

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Speaker 2: worry about But my customer said that that's not enough.

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Speaker 3: We need it more. So I do up. There is

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Speaker 3: not uh, it's not enough.

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Speaker 2: Actually, what they want us that the world close rapping

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Speaker 2: where the uh yeah, five times six times. So the

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Speaker 2: more is the better because that will demand that will

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Speaker 2: be exponentially growth in the future.

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Speaker 1: Based on that customer demand. What do they see then?

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Speaker 1: If they are the crystal ball the lens to the future,

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Speaker 1: they believe that their level of demand will stay where

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Speaker 1: it is twenty twenty nine, twenty thirty. How long do

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Speaker 1: you supply tightness respond to that?

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Speaker 3: Well, nobody expected.

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Speaker 2: I don't know, well what's going to happen in next years,

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Speaker 2: but I'm saying that, well, I have some confident then

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Speaker 2: the world the demand will be grown and our supply

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Speaker 2: compacity never want to catch up.

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Speaker 3: So I don't know how long. But well, if.

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Speaker 2: I think it's going to be until that people, our society,

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Speaker 2: human society has that there was some settlement with the

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Speaker 2: a G, I then well, I guess that the world

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Speaker 2: that's a kind of normalized that all the the cycles.

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Speaker 2: But anyhow, that until then, while we we need that

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Speaker 2: a lot of memories.

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Speaker 1: You're with us live on Bloomberg television and Bloomberg Radio worldwide,

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Speaker 1: and we're in conversation with SK Group chairman J K One,

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Speaker 1: and we're talking about a record for s K heinez

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Speaker 1: In in terms of us A d RS. Take me

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Speaker 1: back to twenty twelve, mm HM, s K acquires Heinex.

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Speaker 1: At the time, people questioned that decision. What did they

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Speaker 1: not see? What did they miss that you saw about

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Speaker 1: the potential of that memory market.

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Speaker 2: That's a kind of a bold decision, and that is

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Speaker 2: I think that the Well I made that really risky,

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Speaker 2: bad in a sense of the financially because that the

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Speaker 2: companies really suffer from that deep dead and also has

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Speaker 2: to fighting with that it's own survival because that the

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Speaker 2: well fifteen years ago, that company is under control by

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Speaker 2: that the banks.

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Speaker 3: So simply it's a chapter eleven and yes, but.

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Speaker 2: In quorean sense, what we were doing that the banks

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Speaker 2: is are is a what our programs. So but they're

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Speaker 2: doing that more than ten years, you know, the work programs.

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Speaker 2: That actually means that nobody really wants that the world

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Speaker 2: this portfolio because that's it's too risky. Reason why as

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Speaker 2: a well, memory business is a cyclical and that actually

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Speaker 2: suffered from that. The uncontrollable CICLIC business cycle. And it

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Speaker 2: requires that the u every year multi billion dollar KPEX,

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Speaker 2: no matter, no matter how so even though you don't

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Speaker 2: make the money, but that the business that requires that

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Speaker 2: the machines and expand and addue technologies and buying that

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Speaker 2: the new equipment, and they have to spend the huge

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Speaker 2: size up to the KPEX.

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Speaker 3: That's why.

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Speaker 2: And nobody really wants that, uh, those kinds of danger business. Yes,

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Speaker 2: I see a little bit different because that well if

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Speaker 2: you see that there were different angle. This memory manufacturing

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Speaker 2: is most sophisticated the manufacturing business.

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Speaker 3: So if you really do it, then you can do anything.

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Speaker 3: I can.

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Speaker 1: The technology, the process, yes.

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Speaker 2: And also the whole process of that manufacturing as it

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Speaker 2: actually well once you make that the little chips, but

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Speaker 2: chip inside that three hundred eighty billion transistor in it.

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Speaker 3: So that's the business.

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Speaker 2: So how we're going to create that those kinds of

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Speaker 2: things and it's a small uh yeah or small size

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Speaker 2: and the silicon things and we actually put it in

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Speaker 2: the huge size of the world, the transistors. That's a

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Speaker 2: that's a state of art of the technology. So once

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Speaker 2: you're doing that, and I can manage anythings and the

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Speaker 2: well I can actually challenge anything.

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Speaker 3: Also, digital world, they create a lot of memory in the.

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Speaker 1: Future, right, so that saw that, Yes, I just bet.

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Speaker 2: Better onder that and well people need that the memory.

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Speaker 1: Yeah, you talked about managing the process and the idea

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Speaker 1: that you know, at that time in twenty twelve, debt

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Speaker 1: was a very big consideration in the market. It was

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Speaker 1: boom and bust cyclical. How much is this You've been

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Speaker 1: asked about this a lot. But the idea of the

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Speaker 1: long term agreement with customers changed that history.

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Speaker 3: Right.

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Speaker 2: But there's a supply shootage, and every customer wants to

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Speaker 2: have the secure that the will they will want supply

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Speaker 2: the cover up that they won't demand. So they're asking

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Speaker 2: us that the one we need some kind of the

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Speaker 2: long term contract. It's not suggested by us and the world.

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Speaker 2: They actually required that them.

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Speaker 1: That's making the proposal, not Sky.

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Speaker 3: That's okay, so they are more willing.

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Speaker 2: Well, we're also doing love to do it because it's

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Speaker 2: not sickly coal business anymore. If we had it a

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Speaker 2: long term agreement as well, even though it's a downtown

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Speaker 2: and we still maintained that our volumes and a certain.

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Speaker 3: Level of the price, so that actually.

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Speaker 2: Give us a different moment, and that actually created another

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Speaker 2: opportunity for we can change it our business model.

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Speaker 1: Even what about SK's commitments. Where are you going to

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Speaker 1: prioritize your investment, you know, domestically versus here in America,

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Speaker 1: not just with the proceeds from this US share sale,

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Speaker 1: but generally with your balance.

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Speaker 2: Generally outside of the highex and the most important matter

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Speaker 2: as AI datas and a business. So we announced it

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Speaker 2: almost at the one trillion dollar investment in the next

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Speaker 2: ten years and to set up with the aids. My

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Speaker 2: target is about a fifteen giga in Korea. I guess

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Speaker 2: that the five you go out in outside of the career.

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Speaker 2: So I'm looking for that. There's whatever area including US side,

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Speaker 2: and you know, if there is a good chance. And

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Speaker 2: the problem is that the world maintaing is a power,

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Speaker 2: so power and the price of the electric city as

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Speaker 2: a well, that's a very important matter with the AI

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Speaker 2: data centers. But once we build that AI data centers

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Speaker 2: and then well it can actually seemed to between that

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Speaker 2: the memory chip and the infrastructure matter.

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Speaker 3: That's that's what I'm doing and in the future.

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Speaker 1: We're live on Bloomberg Television and on Bloomberg Radio and

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Speaker 1: this is Bloomberg Tech in conversation with SK Group chairman

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Speaker 1: j One.

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Speaker 3: Thank you.

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Speaker 1: You talked about the data center, the issues of the

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Speaker 1: data center. This is an SK Group approach. Yes, so

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Speaker 1: you're talking about this K Group looking more broadly at

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Speaker 1: the AI stack, not just memory. Yes, where else we

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Speaker 1: focus your attentions?

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Speaker 2: Well, the company like SKA Telecom and well, they're doing that.

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Speaker 2: They will study on the putting in their resources they

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Speaker 2: own ll M, also the applications and the physical side yes,

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Speaker 2: robotics yes, and the hous kre side. Well, there is

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Speaker 2: a well, there's a bunch of opportunities and the world.

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Speaker 2: We've been actually trying to pursuing that the world all

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Speaker 2: those business opportunities in the future.

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Speaker 1: An issue here in America and in career is talent.

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Speaker 1: There is a deficit of skilled workers in the chip

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Speaker 1: industry in America. And a company like Micron knows that

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Speaker 1: there is a lot of talented people in Korea. How

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Speaker 1: are you going to manage that? And again your investment

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Speaker 1: plans for here in the USA.

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Speaker 2: Well, to secure that, uh, bring that more talent is

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Speaker 2: what a dr is one thing, one good, one option

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Speaker 2: options and they give it all said there was some

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Speaker 2: some kind of financial play options like well even the

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Speaker 2: stock options then while we could actually.

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Speaker 4: Uh using that the a DR directly, so it actually

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Speaker 4: attracted a lot of people's a lot of talent to

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Speaker 4: the world to our growth.

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Speaker 1: See the a DRS is also about public perception of.

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Speaker 2: S K, right, that's that's all other things, and the

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Speaker 2: perception is matter so well also, well we have to

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Speaker 2: spend a huge money on the recluding a lot of

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Speaker 2: good talent. And I'm I don't really care about the talent.

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Speaker 2: Is it could have been at the y US Japan

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Speaker 2: while it's everywhere, So while I tried to recruiting that

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Speaker 2: much more the talent, and that's the kind of important things.

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Speaker 2: And I'm asking that our CEOs too, well, your job

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Speaker 2: has a secure that our talent in the future is

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Speaker 2: let's just say they're doing and well, we're gonna we're

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Speaker 2: gonna created a lot of jobs, and well I've announced

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Speaker 2: that more several trillion dollar investment plan for the future.

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Speaker 3: So they need a lot of talent, right.

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Speaker 1: Chairman Ja, what is the biggest technological advantage that s

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Speaker 1: K is built hm HM.

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Speaker 3: For one of the memory side.

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Speaker 1: Or memory side process design.

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Speaker 2: I guess that, Well, you cannot just as the saying

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Speaker 2: just one things, but what's.

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Speaker 1: The most important thing?

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Speaker 2: Wow, one team so henex Uh, well, I really focused

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Speaker 2: on the we could bring them to just one company,

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Speaker 2: one team. So uh, this is a simple business model

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Speaker 2: and memory manufacturing. So well, we can actually emphasize that

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Speaker 2: we are just one team. And so I think that

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Speaker 2: the one team made that we are really one big

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Speaker 2: historical achievement. Now, So that's what I'm saying, and that's

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Speaker 2: the most important matter. Yeah, you can say that the wash,

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Speaker 2: what design capacity is and what process technology.

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Speaker 3: This is right, but that's.

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Speaker 1: All working with t SMC on the base eye, which

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Speaker 1: the others do not do.

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Speaker 2: Also, well, we don't actually compete with that there were

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Speaker 2: any customers.

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Speaker 3: That's another You.

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Speaker 1: Do not compete with any customers, and you feel that's important.

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Speaker 2: Yes, that's important, and that actually gives us a lot

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Speaker 2: of room to actually partnership in the future. So that's

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Speaker 2: how we can actually maintain all those partnerships.

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Speaker 1: Bigger picture, Can you catch up with Samsung?

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Speaker 3: Oh that's a I don't want to answer those kind

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Speaker 3: of questions, so I don't. Well, my main goal is

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Speaker 3: that the one I have to make.

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Speaker 2: Our stakeholder happy, yes, wow, and not to that there's

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Speaker 2: a well, certain part is a competition, but I'm not

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Speaker 2: really wanting to head that.

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Speaker 3: Well, that's my main goal.

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Speaker 1: And all those chairman, because the shareholders love the profit,

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Speaker 1: the customers want more capacity, more supply, those seem to

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Speaker 1: be competing ideals.

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Speaker 3: That's what we call that the stakeholders.

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Speaker 2: So it's not only the shareholders, so share or the

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Speaker 2: ones that are great returncy right and customer ones that

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Speaker 2: the world cheap product and the enough supplies. But well,

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Speaker 2: I cannot just satisfy every time every stakeholder. But while

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Speaker 2: we had at a certain balance, so you know between

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Speaker 2: that stakeholder and what I'm really seeing that well, I

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Speaker 2: also have to make that my members and members of

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Speaker 2: the company one. They have to be the happy, so

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Speaker 2: happy company, make that the happy reachard.

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Speaker 1: So that's a simple I need to say a chairman, Jay,

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Speaker 1: the ADRs one stakeholder, the US investor. The ADRs indicated

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Speaker 1: to open one hundred and seventy seven dollars per ADR.

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Speaker 1: Of course the ADRs were priced at one hundred and

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Speaker 1: forty nine. The memory market is also evolving, so while

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Speaker 1: supply is tight, there's a there's a very broad look

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Speaker 1: at other technologies. I'm very interested about SK's Henex's approach

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Speaker 1: to nand and flash memory and the role you see

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Speaker 1: that technology playing going forward.

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Speaker 2: Right, So that's a different type of the memory storage.

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Speaker 2: So DAM has that to their own functions. But there's

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Speaker 2: the instant things and like what people we just remember

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Speaker 2: there's certain numbers and the well if you just prepared

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Speaker 2: that the U exam, then are you had the real

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Speaker 2: good memory or of those numbers and the certain target.

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Speaker 2: But you also need that a lot of other memories.

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Speaker 2: And when you was young then you had that some memories,

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Speaker 2: but well that memory needs that the not just that

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Speaker 2: uh in a brain. You probably saw that the summer,

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Speaker 2: but like well a I A I need that.

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Speaker 3: The was a lot of stewage.

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Speaker 2: So DAM has that the world instant response and the

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Speaker 2: instant the response the type of memories and you usually

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Speaker 2: saw there. But if you had the more big size

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Speaker 2: and we called that the core data. So if it's

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Speaker 2: a cold data, then you could actually soar in the Uh.

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Speaker 1: Yeah, where is where sorry to interrupt you, championship, where

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Speaker 1: is the innovation on the other side.

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Speaker 2: Oh, there's a lot of technologies, and the problem is

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Speaker 2: that the world in an end it actually well responses, well,

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Speaker 2: I need that a lot of the time. That means

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Speaker 2: a latency. So uh another two showing that what that

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Speaker 2: uh the latency, Well, we need that a lot of

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Speaker 2: special technology on that and well probably well what we

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Speaker 2: call that the k D cashing, the key value cashing,

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Speaker 2: and uh, while that the cash has to store in

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Speaker 2: the somewhere. So that's the kind of the pyramid, the

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Speaker 2: highlarchy of the world, the whole memory storage systems, and

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Speaker 2: we need that all those evolutions of the world, those

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Speaker 2: memory things.

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Speaker 1: And s K will invest into that technology.

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Speaker 2: Of course, that's our the main business and uh, well

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Speaker 2: we're gonna we're gonna make it. And we could actually

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Speaker 2: well deliver some of the business model even not just

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Speaker 2: that the memory producers, so we could actually memory services

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Speaker 2: that the memory as a service you know in the

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Speaker 2: future that that is another area.

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Speaker 3: So we could actually focus on so talk a.

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Speaker 1: Little bit more about memory as a service. Well the

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Speaker 1: basics of how that would work.

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Speaker 2: Well, right now, it's a kind of imaginary things. And yeah, yes,

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Speaker 2: just the idea. So but I think that our whole

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Speaker 2: AI trend, the direction goes there because that the memory

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Speaker 2: is a kind of.

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Speaker 3: A real battle lock and we have to solve it.

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Speaker 2: And some of the specialists actually bring that the certain

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Speaker 2: type of solution to.

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Speaker 3: The itchy customers and the eachy application.

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Speaker 2: So it's not just that the world one solution could

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Speaker 2: actually cover that all those problems. It's not going to happen,

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Speaker 2: but as an influencing market, and that influencing market has

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Speaker 2: that to day and the characteristic that characteristic, and we

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Speaker 2: have to develop that a certain adjustment for that. The

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Speaker 2: stack up to the memories and how to do it,

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Speaker 2: and we needed some special software together. But anyhow that well,

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Speaker 2: we could actually solve as a kind of solviceers rather

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Speaker 2: than just said here is the memory and.

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Speaker 3: You just use it.

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Speaker 2: But we just fixed that the oh, all kinds of

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Speaker 2: different memory are the memory systems. So once we made

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Speaker 2: it and we could actually do aware as a kind

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Speaker 2: of service rather than just said produce that just a commodity.

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Speaker 1: It's an interesting look at the future. We are live

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Speaker 1: on Bloomberg Television and Radio. Speaking to ESK Group chairman

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Speaker 1: Cha in October, when you spoke to Bloomberg's sherry On said,

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Speaker 1: everyone asked me about AI bubble, AI bubble, AI bubble.

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Speaker 1: And you said at the time it's about the cost

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Speaker 1: of AI. The cost of AI is too high. Yeah,

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Speaker 1: has that changed since October? And what is the trajectory

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Speaker 1: of the cost of AI?

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Speaker 3: Yeah, of course they'll be AI as well.

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Speaker 2: You could actually say that the.

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Speaker 1: Token four dollar token per dollar or dollar per token basis.

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Speaker 2: Yeah, anyhow that we have to lower down that, uh,

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Speaker 2: the token cost.

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Speaker 1: But do you see it coming down?

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Speaker 2: Yes, actually, well, uh were they in a three years?

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Speaker 2: Actually token cost is about one fifth over the one tenth,

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Speaker 2: So that's the evolutions and well there's a lot of

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Speaker 2: players just contribute that those kind of the token cost is.

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Speaker 3: Way down.

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Speaker 2: So even my memory company makes some solution for the

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Speaker 2: how how we can actually lower down that the token cost.

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Speaker 2: That's our challenge and our direction goes there. So that's

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Speaker 2: the kind of ecosystem for the AI. And well right

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Speaker 2: now it's course is too high. But uh, somehow that

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Speaker 2: our technology in a down the load probably five year,

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Speaker 2: ten years and the while we actually digested all those

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Speaker 2: problems and it could actually be the well everybody's AI

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Speaker 2: and everybody could actually using today on the Asian in

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Speaker 2: the future.

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Speaker 3: So that's that's that's the attraction I see.

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Speaker 1: But no AI bubble, AI bubble.

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Speaker 3: And well when you see that, the AI bubble, and uh.

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Speaker 2: That's real world and the sun market, sun market always

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Speaker 2: that I see that there's some obo shooting and uh,

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Speaker 2: well it's too hard to cold, so there might be

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Speaker 2: that the world there's a lot of bubble for that

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Speaker 2: the stock prices up, but that just reflect that doesn't

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Speaker 2: actually reflect it the whole real world.

439
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Speaker 3: But the trend wise is a f is a long

440
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Speaker 3: long than two years.

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Speaker 2: Three years down the road, and uh, you could actually

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Speaker 2: reflect that the old the real world.

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Speaker 3: That's what I see it.

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Speaker 2: Well you can say that the AI bubble, but I

445
00:26:44,800 --> 00:26:48,040
Speaker 2: see that the world stun market. But this AI technology

446
00:26:48,119 --> 00:26:52,880
Speaker 2: is real, so you use it, use it and well actually,

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00:26:53,240 --> 00:26:57,320
Speaker 2: uh the problem is, well these AI things right now

448
00:26:57,440 --> 00:27:01,080
Speaker 2: is a little uh in more sure the imperfect.

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00:27:01,800 --> 00:27:03,119
Speaker 1: Yeah, it's the early stage.

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00:27:03,520 --> 00:27:05,560
Speaker 2: Of course, that's a holy stage, is a kind of

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00:27:06,040 --> 00:27:09,480
Speaker 2: I said that there's only four years old, baby, but

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00:27:10,200 --> 00:27:13,239
Speaker 2: when you become the well some the college boy and

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00:27:13,320 --> 00:27:16,359
Speaker 2: something else, and it has that a much more than mature.

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00:27:16,800 --> 00:27:19,119
Speaker 2: So it could actually have us set a lot of

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00:27:19,200 --> 00:27:24,760
Speaker 2: productivity and we just rely on all those things, and

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00:27:23,160 --> 00:27:27,040
Speaker 2: there's this kind of race and that. Well, right now

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00:27:27,080 --> 00:27:29,320
Speaker 2: we see that there's some AI trial.

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00:27:30,320 --> 00:27:35,560
Speaker 1: Chair and chay, it's a historic day literally making history

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00:27:35,600 --> 00:27:41,040
Speaker 1: with the ADRs. But the focus on America. Sk relationship

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00:27:41,080 --> 00:27:44,400
Speaker 1: with America. What is your relationship like with the Trump

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00:27:44,440 --> 00:27:48,240
Speaker 1: administration and how are you working with them to bring

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00:27:48,320 --> 00:27:51,200
Speaker 1: more of s k Heinex to this country.

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00:27:51,480 --> 00:27:54,640
Speaker 2: Well, not only just skis and we've been already ask

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00:27:54,760 --> 00:27:57,600
Speaker 2: already investiating at the more than thirty five billion dollars

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00:27:57,640 --> 00:28:02,879
Speaker 2: in US side, and not many people uh noticed those things,

466
00:28:02,920 --> 00:28:06,159
Speaker 2: but we do have bio business. We do have the

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00:28:06,200 --> 00:28:10,480
Speaker 2: battery business, and high suggested announced that a new fab

468
00:28:10,520 --> 00:28:15,359
Speaker 2: in the Indiana side, and also ESK Telecom made it

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00:28:15,440 --> 00:28:20,320
Speaker 2: a lot of investments in the AI startups. So we

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00:28:20,400 --> 00:28:24,000
Speaker 2: already invested in the thirty five. But I see that, Well,

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00:28:24,200 --> 00:28:27,040
Speaker 2: my plan is that much bigger number, so bigger than

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00:28:27,119 --> 00:28:30,400
Speaker 2: thirty five. Well much much much bigger than thirty five.

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00:28:30,520 --> 00:28:35,200
Speaker 2: So I'm planning to and this is one my stone.

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00:28:35,280 --> 00:28:38,760
Speaker 2: And we access that the US capital market and we

475
00:28:38,840 --> 00:28:41,640
Speaker 2: have a lot of options, and also we had that

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00:28:41,840 --> 00:28:47,240
Speaker 2: responsibility to keeping the share price and uh, well, so

477
00:28:47,320 --> 00:28:49,320
Speaker 2: one good thing is that we made at the right

478
00:28:49,400 --> 00:28:51,880
Speaker 2: investment and uh so.

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00:28:53,480 --> 00:28:55,080
Speaker 3: We keep it at our own value.

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00:28:56,320 --> 00:29:00,680
Speaker 1: China, it's an important market China of AI.

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00:29:01,720 --> 00:29:03,800
Speaker 3: Now China AI as well.

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00:29:03,880 --> 00:29:08,680
Speaker 2: We have to actually noticed that the China approach is

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00:29:09,240 --> 00:29:11,480
Speaker 2: way different than the US side.

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00:29:11,520 --> 00:29:11,920
Speaker 1: Household.

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00:29:15,360 --> 00:29:18,720
Speaker 2: They have a lot of disorder on the AI side,

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00:29:18,960 --> 00:29:21,280
Speaker 2: but anyhow that they put it in a lot of

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00:29:21,360 --> 00:29:22,360
Speaker 2: adult resources.

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00:29:23,000 --> 00:29:28,200
Speaker 1: The number one is that the human force, so human capital.

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00:29:28,120 --> 00:29:31,800
Speaker 2: Human capital and the number of people, number of engineers

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00:29:31,800 --> 00:29:38,160
Speaker 2: so annually while they had that stem, the student from

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00:29:38,200 --> 00:29:43,280
Speaker 2: the major in the STEM and it's more than the

492
00:29:44,120 --> 00:29:47,720
Speaker 2: million students has come out and every year. So they're

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00:29:47,760 --> 00:29:51,320
Speaker 2: looking for the jobs and mostly they applied to the

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00:29:52,000 --> 00:29:56,520
Speaker 2: tech area. When you say tech area is probably fifty

495
00:29:57,040 --> 00:30:00,640
Speaker 2: is the AI side. So they are a yeah as

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00:30:00,680 --> 00:30:04,000
Speaker 2: a well as a yeah, they're using that the different stretches.

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00:30:04,560 --> 00:30:07,440
Speaker 2: So I don't see that there were any any kind

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00:30:07,480 --> 00:30:10,880
Speaker 2: of well the visible rejart yet, but there is some

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00:30:11,000 --> 00:30:15,040
Speaker 2: science and they're making that, uh some the cheap away

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00:30:15,360 --> 00:30:18,760
Speaker 2: and they tried to create that the word cheaper token,

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00:30:19,640 --> 00:30:21,200
Speaker 2: the token costs the compatability.

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00:30:21,880 --> 00:30:23,960
Speaker 3: Yes, that's a kind of important matter.

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00:30:24,120 --> 00:30:29,400
Speaker 2: And uh, the US focused on the top niche marker

504
00:30:29,600 --> 00:30:33,640
Speaker 2: and well the quality of tokens, but China is a

505
00:30:33,680 --> 00:30:37,280
Speaker 2: focused on other ways. So I don't know the resart

506
00:30:37,400 --> 00:30:40,280
Speaker 2: but uh, well I see that. What if they're using

507
00:30:40,440 --> 00:30:41,320
Speaker 2: the different stretches.

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00:30:42,280 --> 00:30:46,680
Speaker 1: SK Group Chairman Jean, thank you, congratulations, thank you,