전체번역 | SK하이닉스 최태원 회장 나스닥 상장 인터뷰

Chairman Chey stated that the US listing has been anticipated since acquiring Hynix about 15 years ago, calling it a key milestone. He emphasized that now is the earliest possible moment to access the US capital market, driven by the AI era which has spiked memory demand. The listing is seen as a dream come true and a strategic move to tap into US equity capital.

When asked about multiple rounds of ADRs, Chey confirmed expectations to expand ADR size, but stressed that this requires better returns and stable stock prices. He linked future demand for ADRs to the company's ability to deliver upside potential, especially in the AI era where memory demand is surging. He noted that discussions on regularity of offerings are ongoing but cannot yet share details.

Chey explained that HBM supply is extremely tight due to AI's need for large KV caching in large language models, which requires massive memory. He announced a plan to double total capacity within five years, but revealed that customers are asking for five to six times more, indicating exponential demand growth. This contrasts with Micron's view of supply improving by 2028, as Chey emphasized that demand will grow exponentially.

Chey described a fundamental shift in memory demand: previously tied to the number of people and hardware (e.g., one smartphone per person), now in the AI era, each user may have hundreds of AI agents, each generating KV caching that requires huge memory storage. This transforms the memory business into a different stage, with demand no longer limited by population but by the proliferation of AI agents.

Chairman Chey emphasizes that SK Hynix uses ADRs not only as a financial tool but also to attract global talent from the US, Japan, and beyond. He states that he does not care about the nationality of talent and has instructed his CEOs to prioritize securing future talent. He also announces a multi-trillion dollar investment plan to create jobs and support future growth.

When asked about SK Hynix's biggest technological advantage, Chairman Chey highlights the 'one team' culture as the most important factor. He explains that by unifying the company as one team, they achieved a major historical success. While acknowledging design and process technology, he stresses that the collaborative culture is key, and notes that SK does not compete with its customers, which fosters strong partnerships like the one with TSMC.

Chairman Chey avoids directly answering whether SK Hynix can catch up with Samsung, stating his main goal is to make all stakeholders happy, including shareholders, customers, and employees. He acknowledges the challenge of balancing shareholder demands for profit with customer needs for cheap products and sufficient supply. He concludes that a happy company makes happy customers, implying a holistic approach to business success.

Chairman Chey discusses the cost of AI, noting that token cost (dollar per token) has already decreased to 1/5 or 1/10 within three years. He states that SK Hynix is actively working on solutions to further lower token costs as part of the AI ecosystem. He envisions that within five to ten years, technology will make AI affordable for everyone, allowing people to use their own AI agents.