What did Chey Tae-won say about AI business models at Ulsan Forum 2026?

Chey said AI needs better business models so massive investment can generate profits and sustain further growth. He argued that AI should eventually support its own investment cycle instead of relying indefinitely on outside capital.

Why did Chey Tae-won warn about an AI investment bubble?

He said a bubble could emerge if the huge amounts of money and resources going into AI do not produce enough returns. He stressed that AI-related profits must help finance future investment to create a self-sustaining ecosystem.

What is known about SK Group's AI data center project in Ulsan?

The data center is being built with AWS at an estimated cost of 7 trillion won and is scheduled to start operations in the second half of 2027. Chey said its capacity has grown to nearly 900 megawatts, and SK expects more partnerships as work continues.

SK chairman calls for sustainable AI biz model amid investment boom

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Summary

SK Group Chairman Chey Tae-won urged the development of a sustainable AI business model at Ulsan Forum 2026 in Ulsan, saying AI investment must generate profits to keep growing. He warned that a bubble could form if capital flowing into AI fails to produce enough returns. Chey said SK’s AI strategy centers on speed, scale and safety, and that the Ulsan AI data center project has expanded to nearly 900 megawatts.

Key Facts

SK and Amazon Web Services are jointly developing the Ulsan AI data center at an estimated cost of 7 trillion won ($5.2 billion).
The project is scheduled to begin operations in the second half of 2027.
Chey said the data center capacity under construction in Ulsan has expanded to nearly 900 megawatts.
Chey said SK plans to announce further partnerships with global technology companies as the project progresses.

By Yonhap

Published Sep 13, 2026 10:22 am KST

SK Group Chairman Chey Tae-won, center, and SK Group officials inspect SK's AI Data Center under construction in Ulsan Metropolitan City, Thursday. Courtesy of SK Innovation

SK Group Chairman Chey Tae-won has called for efforts to develop a sustainable business model for artificial intelligence (AI), saying massive investment in the technology must ultimately generate returns to sustain investment and growth.

Chey made the remarks Friday at Ulsan Forum 2026, the group's annual gathering in Ulsan, a southeastern industrial city where SK is developing a large-scale AI data center with Amazon Web Services (AWS).

"If humankind has invested this much energy and resources into AI, we need to establish better business models to monetize it," Chey said. "AI needs to generate profits and eventually reach a structure where it can sustain investment on its own."

Chey identified speed, scale and safety as key pillars of SK's AI strategy while emphasizing the need for viable business models to ensure the long-term sustainability of AI investment.

He also warned of a potential AI investment bubble if the vast amounts of capital and resources flowing into the sector fail to generate sufficient returns, underscoring the need to create a self-sustaining ecosystem in which AI-related profits can finance further investment.

Chey stressed the importance of achieving economies of scale as AI is increasingly adopted in the manufacturing sector, saying the vast volume of data required for industrial AI cannot be secured by individual companies or regions alone and requires a nationwide effort.

Chey said the capacity of SK's AI data center under construction in Ulsan has expanded to nearly 900 megawatts, adding that the group plans to announce further partnerships with global technology companies as the project progresses.

The AI data center, jointly being developed by SK Group and AWS at an estimated cost of 7 trillion won ($5.2 billion), is scheduled to begin operations in the second half of 2027.

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