The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: July 1.
Micron challenges Samsung Electronics and SK Hynix in HBM market
Micron has entered the high-bandwidth memory (HBM) market, challenging Samsung Electronics and SK Hynix’s longstanding dominance. As of July 1, Samsung Electronics, SK Hynix and Micron are all producing HBM3E, the fifth-generation HBM product. According to Micron’s third-quarter earnings report, the company sold $100 million worth of HBM3E to Nvidia between March and May. The three chipmakers are now locked in a technology race that is expected to intensify as explosive AI growth fuels demand for AI chips.
SK Group to invest $58 billion in AI and chips over the next 3 years
SK Group will invest 80 trillion won ($58 billion) in its two major growth drivers, artificial intelligence and semiconductors, over the next three years until 2026. SK Group’s chipmaking affiliate, SK Hynix, will lead the group’s initiative by investing 103 trillion won ($74.6 billion) through 2028 in its AI chip business. SK made this announcement after a two-day management strategy meeting held at the SKMS Research Institute in Icheon, Gyeonggi Province, on July 28-29. The annual meeting, led by SK Supex Council Chairman Chey Chang-won, was attended by the group’s top 20 executives. SK Group Chairman Chey Tae-won, who is currently on a business trip to the United States, participated in the meeting via video. Chey emphasized that the group needs to bolster its “AI leadership” from AI services to infrastructure.
Chinese fast-fashion group Shein to open first Korean pop-up in Seoul
Chinese online fast-fashion group Shein will open its first South Korean pop-up store in Seoul next month. The store will be located in Seongsu-dong, a trendy Seoul neighborhood popular among locals, and will be open from August 6 to 14. It will feature various Shein products and products from its fashion subbrand, Dazy. Founded in Nanjing, China, in 2012, Shein established a Korean subsidiary in December 2022 and plans to boost marketing efforts as it makes its foray into the Korean market.
