SK Group chairman to chair board of SK hynix's US AI arm

SK Group Chairman Chey Tae-won will chair the board of HYAICO, the U.S.-based artificial intelligence (AI) investment arm of SK hynix, according to documents filed with the U.S. Securities and Exchange Commission (SEC). The filing, made public Wednesday local time, identified the company as HYAICO, formerly known by its tentative name AI, which SK hynix announced in January with plans to invest up to $10 billion. SK hynix earlier said the new arm would help "accelerate AI advancement in global markets" and "find new AI growth engines." The new arm will be launched by restructuring SK hynix's existing U.S. arm, SK hynix NAND Product Solutions, also known as Solidigm. The chipmaker will instead set up a separate subsidiary called Solidigm to retain the brand name. Other current and former SK Group executives, meanwhile, will join Chey on HYAICO's board, and SK hynix President Song Hyun-jong will serve as HYAICO's chief executive.