SK chief embraces AI for future growth at Icheon Forum

SK Group Chairman Chey Tae-won stressed the importance of adapting business strategies to the evolving AI ecosystem at the closing session of Icheon Forum 2024, SK Group's annual strategy meeting of top executives, which ended Wednesday.

"Artificial intelligence presents us with numerous opportunities," Chey said. "Leveraging this trend effectively and embracing change swiftly will be crucial for thriving in the AI ecosystem."

The chairman emphasized that while adapting to AI technology may involve time and challenges, those who embrace it will ultimately succeed.

"The AI value chain is where immediate profits are being made, and major tech companies are heavily investing to gain a competitive edge. While there may be challenges along the way, the AI industry will inevitably advance in the right direction."

Earlier in June, SK Group revealed plans to invest 80 trillion won ($58 billion) by 2026, focusing primarily on AI and semiconductors to drive future growth.

Chey noted that if growth trends in AI continue, SK can develop service models related to hardware and large language models for AI data centers. "Although there are obstacles in such process, once the business model is established, it has the potential to transform the entire cycle," he said.

The chairman shared his insights from recent meetings with global tech giants Nvidia, TSMC, OpenAI, Microsoft, Amazon and Intel, discussing potential collaborations.

"These tech giants believe that nuclear power will be necessary in the future due to the high energy demands of AI data centers," he said. "If such a shift in energy mix occurs, it could present a new opportunity for us."

Additionally, Chey urged members to adhere to "SKMS," the group’s unique philosophy introduced by former SK Chairman Chey Jong-hyun. "In times of change, we should revisit SKMS, reflect on our group's core values and chart our path forward," Chey said.

Celebrating its eighth anniversary, the Icheon Forum themed on "AI Strategy and SK Management Systems (SKMS) Practice" was held at the Walkerhill Hotel in Seoul and other affiliated locations. The event featured guest speakers, external stakeholders, top SK Group executives and employees attending both in person and online.

Lectures and discussions were presented by leading AI experts, including King Abdullah University of Science and Technology professor Jurgen Schmidhuber, former OpenAI GTM executive Zack Kass and Siemens Chairman Jim Hagemann Snabe. On the second day, workshops were centered on how to explore ways to integrate SKMS more effectively.

"We will incorporate the diverse opinions gathered at the Icheon Forum into our management practices to drive meaningful change," an SK Group official said.