SK Group Chairman Chey Tae-won Talks Public Listing

Summary

Bloomberg Talks

Episode: SK Group Chairman Chey Tae-won Talks Public Listing

Date: July 10, 2026
Host: Bloomberg
Guest: Chey Tae-won, Chairman of SK Group

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Episode Overview

This episode features an in-depth interview with Chey Tae-won, Chairman of SK Group, following the record-setting US share sale of SK Hynix, marking the largest first-time US listing by a foreign company. The conversation explores the motivations behind the US public listing, the global memory chip market, the AI-driven demand cycle, SK's strategic investment priorities, talent acquisition, and geopolitical considerations with the US and China. Chey shares insights into the evolving semiconductor landscape, supply challenges, SK’s vision for “memory as a service,” and the future of AI costs.

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Key Discussion Points & Insights

Why List SK Hynix in the US Now?

• Chey emphasizes the importance and timing of the US listing as a long-awaited milestone.
  • “We’ve been waiting for that for a long, long time…so now dream comes true.” (01:34)
  • The listing is seen as the "earliest moment possible" to access US capital markets (01:46).

Capital Raising and Future ADRs

• On potential for multiple ADR offerings:
  • "Yes, I expect we can deliver those too...expand our ideal size and also get better returns." (02:25)
  • Focus on stability and long-term upside, driven by the AI era’s surge in memory demand.

SK’s Approach to Global Capital Markets

• Access to global bonds and debt:
  • “That’s possible...but right now we have enough cash for SK Hynix. Some other company could do...issuing another bond and more.” (03:48)

AI Era and Memory Demand Explosion

• Chey discusses the transformation as AI creates massive new demand for memory.
  • The shift from consumer-driven cycles to AI-driven exponential growth:
  • "In a few years...you may have tens or hundreds of your own AI agents. Every agent needs a lot of memory...That's the era.” (06:37)
  • Demand is now decoupled from population size; AI inference and KV (key value) caching drive requirements.

Supply Constraints and Capacity Expansion

• On HBM (High Bandwidth Memory) and industry supply outlook:

  • SK Hynix plans to double its capacity within five years, but “customers said that’s not enough.” (07:49)
  • Some customers demand five to six times current capacity; Chey acknowledges “exponential” future demand.

• On how long capacity will be tight:

  • "I have some confidence demand will grow and supply capacity will never catch up...until society settles towards AGI.” (09:02)

Lessons from Acquiring Hynix (2012)

• Chey reflects on the bold, risky acquisition when Hynix was deeply in debt and under bank control (Chapter 11/bank workout):
  • “Nobody really wants this portfolio because it is too risky...memory business is cyclical, requires multibillion dollar capex every year.” (10:18/11:30)
  • But, “If you see from a different angle, memory manufacturing is the most sophisticated…if you can do that, you can do anything.” (11:52)

Long-Term Agreements and Cyclicality

• Long-term supply contracts, often at customer request, have stabilized the memory business.
  • “It’s not cyclical anymore...if we have a long-term agreement, even in a downturn we maintain volume and price." (13:58)

SK’s Investment Priorities: Korea vs USA

• Data center focus:

  • SK will invest almost $1 trillion in the next 10 years, aiming for 15 gigawatt in Korea and 5 gigawatt outside, including the US. (14:36)
  • Power costs a key consideration for site selection.
  • “Once we build that AI data center…it can actually synergy between the memory chip and infrastructure.” (15:16)

• Broader SK Group investment in LLMs, robotics, health care applications. (16:01)

Talent, Recruitment, and US Operations

• How public listings/ADRs help attract talent:
  • “ADRs are one good option…we could actually use ADRs. Stock option attracts a lot of people, a lot of talent.” (16:55/17:17)
  • Willing to recruit globally: "I don’t really care [where] the talent is…try to recruit much more." (17:27)

Technological Advantages and Unique Partnerships

• Single-team focus at Hynix:
  • “One team made it, with a really big historical achievement.” (18:42)
  • “We don’t actually compete with any customers…gives us a lot of room to actually partnership in the future.” (19:25/19:32)

Competition with Samsung & Stakeholder Balance

• Chey deflects direct competition:
  • “My main goal is to make our stakeholder happy…not just shareholders but customers, employees.” (19:49/20:27)
  • “Happy company makes happy results. That’s simple.” (20:27)

NAND, Flash, and “Memory as a Service”

• Importance of different memory types (DRAM, NAND):

  • DRAM is “instant,” NAND for “cold data”—AI needs both. (21:37)
  • Innovation focus on reducing latency and key-value caching in storage hierarchy. (22:49)

• Future “memory as a service”:

  • Concept is early stage: “Right now it’s a kind of imaginary thing, an idea…But the whole AI trend goes there.” (24:05)
  • Envisions providing “memory services”—custom solutions using specialized software.

The Cost of AI and the “AI Bubble” Debate

• AI cost per token is falling rapidly:

  • “Within three years…token cost about 1/5 or 1/10 [current]” (26:02)
  • Memory solutions are vital to lowering AI costs and broadening AI agent access.

• On AI market bubbles:

  • Acknowledges hype and stock market cycles, but “technology is real…AI is only a four years old baby.” (27:05)
  • Predicts rapid maturing: “In two or three years, it could reflect the real world.”

US and China Strategies

• US investments:

  • SK has already invested $35B in the US across bio, battery, semiconductors (Indiana fab), and telecom ventures. Plans to dramatically increase this. (28:49/29:24)

• China’s different approach:

  • Intense focus on “human capital”—over 1 million STEM graduates annually.
  • “They are using different strategies…focused on cheaper token costs vs the US focus on top niche, quality.” (30:09/30:26)
  • “I don’t know result…but they are using a different strategy.” (31:40)

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Notable Quotes & Memorable Moments

• On the transformative momentum for memory chips:

  • “The AI era is actually driving a lot of demand for memory. This is a time for us.” – Chey Tae-won (02:36)

• On the new age of demand:

  • “You may have tens or hundreds of your own AI agents…every agent needs a lot of memory.” – Chey Tae-won (06:37)

• On the company's primary advantage:

  • “One team made it, with a really big historical achievement.” – Chey Tae-won (18:42)

• On balancing stakeholder interests:

  • “I cannot just satisfy every stakeholder, but we need a certain balance...Happy company makes happy results.” – Chey Tae-won (20:27)

• On AI costs:

  • “Within three years…token cost is about 1/5 or 1/10…that’s the direction I see.” – Chey Tae-won (26:02)

• On global expansion:

  • “SK has already invested more than $35 billion in the US; my plan is much, much bigger than $35.” – Chey Tae-won (29:24)

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Timestamps for Important Segments

| Segment | Timestamps (MM:SS) | |-------------|------------------------| | US listing motivation & timing | 01:22–02:04 | | Multiple ADRs, capital plan | 02:04–03:21 | | AI-driven demand increase | 03:48–07:22 | | Capacity expansion, supply crisis| 07:22–09:46 | | Hynix acquisition/backstory | 09:46–12:11 | | Long-term customer agreements | 13:11–14:24 | | Investment priorities: US vs Korea| 14:24–16:19 | | Talent and recruitment | 16:35–17:23 | | Technology and “one team” culture| 18:21–19:43 | | Memory as a service & storage | 21:05–25:17 | | AI cost, “AI bubble” discussion | 25:38–28:26 | | US and China strategies | 28:26–31:40 |

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Additional Notes

• Chey repeatedly returns to the theme that the memory industry is entering a new, less cyclical phase due to AI-driven demand, long-term customer contracts, and evolving business models.
• The conversation highlights SK’s commitment to global expansion, with a special focus on AI infrastructure like data centers, and a deliberate strategy to recruit worldwide talent.
• Geopolitical aspects are touched on, with Chey taking a pragmatic view on the US, China, and their diverging strategies in tech and AI.

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This summary captures the rich discussion and strategic vision outlined by Chey Tae-won for SK Group and its role in the evolving global technology ecosystem.

Transcript

[A]

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[B]

Audio Studios Podcasts Radio News welcome to our Bloomberg Television and radio audiences all around the world. SK Hynix the biggest first time US Share sale by a foreign company setting a record. And we are joined by SK Group Chairman Chet Taewon. Congratulations.

[C]

Oh, thank you, thank you Ed.

[B]

I think a sensible place to start is why now? You've been thinking about a US listing for some time, but why put SK Hynix in front of US investors now?

[C]

Well, we've been waiting for that for a long, long time and since I acquired that hynix about 15 years ago. So this is one of our milestones. While we have to go to access to the US capital market, so now dream comes true. So people asking why now? But this is kind of oldest moment. We can, we can have the earliest moment possible.

[B]

$26.5 billion is a lot of money but in the context of SK's commitment in domestically, in Korea and internationally, not so big. Can we expect multiple returns to ADRs, the sale of multiple rounds of ADRs?

[C]

Well, yes, I expect we can. We can deliver those too. So try to expand that our ideal size and also better that actually requires a better return. So once we have a better return then there is a more demand. So. So first thing is that we have to keep the stock price stable and well hopefully in a long run then well we can have that the well upside potentials and I see that the world at this moment. So this is a era. So there's AI era is actually spiked at a lot of demand for the memory. So this is a kind of time for us.

[B]

Is this something near term. Did you with the leadership group and your CFO say we will need to do this with regularity or you haven't discussed that yet?

[C]

Well, to tell you the truth, yeah, we've been discussing that one. But I cannot just say that in a detail yet.

[B]

So I appreciate that Chairman Jay. The US listing gives SK A a new source of equity capital. But what about the broader US capital markets? Do we see SK Group SK Hynix as well become an issuer of global bonds? Global debt.

[C]

Well that's a possible but I guess right now well we have enough cash for that the SK Hynix some other company could do actually issuing that another the bond and more. Yeah access that the capital market Chairman Che. Right.

[B]

Bear with me. I'm going to get this out for our audience around the world. This is why we're all here. This you can't even see it tiny HBM4 a high bandwidth memory. 12 layers in this case.

[C]

Right.

[B]

The whole world knows about this. How severe and how tight is the supply right now of HBM and more. More importantly, how long is that going to last? Do you have a sort of a year where you see the supply situation changing?

[C]

Well if you really understand the the old requirement and the condition for the that HBM memories type and you have to understand that the air side first so people know set the large language model. Yes, yes. But that larger language model as well very important things. But I guess in the future so the more we're using that AI and AI actually requires more the inference phase. Yes but I see that memory the mean is a KB caching. So while it generated a lot of KB caching the due to that the keeping that the performance of the LLM then you should head at the wall the larger volume up to the KB caching and you have to actually this is kind of a memory in the end people that is the same thing we store that the memory in our brain and yeah I need that those kind of KB caching that memory has to store somewhere. So if you had at the well better size up to memory then better performance. It's as simple as that. And that memory cycle is. Well it's turning to. Well it's a different cycle. I shouldn't say that the cycle is different momentum. And back then the old days the memory chip is memory chip demand actually depends on the number of people number of the hardware set.

[B]

That was a consumer electronics story in part.

[C]

Yes.

[B]

Boom and bust.

[C]

Yeah, well mostly well you had that you own smartphone but you don't need that there were tens of different type of the smartphone. You only using that to just one like a PC.

[B]

Right.

[C]

So the demand is actually the limited by that the number of the people. But in a era it's a different. You may use that your own AI agent probably in a few years from. From now. Then you may have that there were tens or the hundreds difference of your own agent. So that every agent needed a lot of memories. Because at the well they created a lot of KV caching. So you have to actually store somewhere that actually needs at the most huge amount of the memory. Well, that's the. That's the era. So I guess that memory business is turning to that. Well, it's a different stage.

[B]

You still called it a cycle though. That's the demand side. A reason to do the ADRs is to raise capital in part to boost capacity. Your industry peers Micron had said very recently they have line of sight to supply improving 2028 the other side of 2027 in part because of the capacity that is coming online. What does SK Hynix see?

[C]

Well, we didn't talk to that our customers. So where we just announced that a few months ago. So we're going to double up our capacity. Yes, within five years. So that means that we've been doing that the business in more than about 25 years. And then while with next five years we're going to double up our whole capacity as well. People see that the desert unrealistic and the probably the oversupply and people worry about. But my customer said that that's not enough. We need that more. So double up there is not. It's not enough actually what they want us that the world dropping whether you know, five times, six times. So the more is the better. Because that well demand will be exponentially

[B]

grow in the future based on that customer demand. What do they see then? If they are the crystal ball, the lens to the future. They believe that their level of demand will stay where it is. 2029, 2030. How long does supply tightness respond to that?

[C]

Well, nobody expected. I don't know what's going to happen in next years. But I'm saying that while I have some confidence and the demand will be grow and our supply capacity never want to catch up. So I don't know how long. But while I think as going to be until that our society human society has set towards some settlement to either AGI then. Well, I guess that the world that's a kind of a normalize at the older the cycles. But Anyhow that until then while we we need that a lot of memories.

[B]

You're with us live on Bloomberg Television and Bloomberg Radio worldwide. And we're in conversation with Eskimo SK Group Chairman Che Taiwan. And we're talking about a record for SK Hynix in terms of US ADRs. Take me back to 2012 SK acquires Hynix at the time people questioned that decision. What. What did they not see? What did they miss that you saw about the potential of that memory market.

[C]

That's a kind of a bold decision. And I think that I made it really risky bet in a sense of the financially. Because the companies really suffer from that deep debt. And also has to fighting with its own survival. Was at the well 15 years ago. That company is under control by the banks. Simply It's a chapter 11 and yes, but in Korean sense what we we doing that the banks is a walkout program. So but they doing that more than 10 years in other walkout programs. That actually means that nobody really wants at the world this portfolio. Because that is too risky reason why as a well memory business is cyclical. And that actually suffer from that uncontrollable cyclical business cycle. And it requires that every year multibillion dollar capex. No matter. No matter how.

[B]

Yeah.

[C]

So even though you don't make that the money but the business is require that the machines and expand and adapting new technologies and the buying that the new equipment. And they have to spend that huge size up to the capex. That's why. And nobody really wants that those kind of danger business.

[B]

But you did.

[C]

Yes. I see a little bit different because that. Well, if you see that there were a different angle this memory manufacturing is more most sophisticated the manufacturing business. So if you really do it then you can do anything.

[B]

Like the technology. The process.

[C]

Yes. And also the whole process of that manufacturing as a it actually. Well once you make that little chips but chip inside at 380 billion transistor in it.

[B]

Yes.

[C]

So that's the business. So how are we going to create those kind of things? And it's a small. Yeah small size and the silicon things. And we actually put it in the. Wow. Huge size of the world the transistors. That's a state of art of the technology. So once you're doing that and I can manage anything and I can actually challenge anything also in digital world create lot of memory in the future.

[B]

Right. So you saw that.

[C]

Yes, I just bet. Bet on the dead and well people need that the memory. Yeah.

[B]

You talked about Managing the process and the idea that you know at that time in 2012 debt was a very big consideration in the market. It was boom and bust cyclical. How much is this? You've been asked about this a lot. But the idea of the long term agreement with customers changed that history.

[C]

Right. But there is a supply shortage and every customer wants to have to secure that the while they want supply to cover up the deal on demand. So they asking us that we need some kind of the long term contracts. It's not suggested by us and well they actually require them.

[B]

That's making the proposal. Not sk, not sk. So they are more willing.

[C]

Well we also doing love to do it because that it's not cyclical business anymore. If we had it some long term agreement is. Well, even though it's a downturn and we still maintain that our volumes and a certain level of the price so that actually give us a different momentum and that actually created another opportunity for we can change it to some our business model even.

[B]

What about SK's commitments? Where are you going to prioritize your investment? You know, domestically versus here in America? Not just with the proceeds from from this US share sale but but generally

[C]

with your balance sheet outside of the Hynix and the most important matter as a data center business. So we announced it almost at $1 trillion investment in next 10 years. And to set up with a data center. My target is about 15 gigawatt in Korea I guess at the 5 gigawatt in outside of Korea. So I'm looking for that this whatever area including US side. And if there is a good chance and the problem is that the one main thing is a power. So power and the price of the electricity. That's a very important matter with these AI data centers. But once we build that AI data centers and then well it can actually synergy between the memory chip and this infrastructure matter. That's. That's what I'm doing in the future.

[B]

We're live on Bloomberg Television and on Bloomberg Radio and this is Bloomberg Tech in conversation with SK Group chairman Che Taiwan.

[C]

Thank you.

[B]

You talked about the data center, the issues of the data center. This is an SK Group approach.

[C]

Yes.

[B]

So you're talking about SK Group looking more broadly at the stack, not just memory.

[C]

Yes.

[B]

Where else will you focus your attentions?

[C]

Well, a company like SK Telecom and well they are doing that. They will study on putting into their resources on their own LLM. Also the applications and physical AI side.

[B]

Yes. Robotics.

[C]

Yes. And the healthcare side. Well, there is a. Well, there's a bunch of opportunities opportunities. And while we've been actually trying to pursuing that the world all those business opportunities in the future.

[B]

An issue here in America and in Korea is talent. There is a deficit of skilled workers in the chip industry in America. And a company like Micron knows that there is a lot of talented people in Korea. How are you going to manage that? And again your investment plans for here in the usa.

[C]

Well to secure that bring that more talent is. Well ADL is one thing. One good one option. Yeah options and give us all set. There was some some kind of financial play options like even the stock option then while we could actually using that the adl.

[B]

Right.

[C]

So it actually attracted a lot of people a lot of talent to the world to our group.

[B]

See, the ADRs is also about public perception of SK.

[C]

Right? That's. That's another thing. And the perception is matter so. Well also. Well, we have to spend a huge money on a. The recruiting a lot of good talent. And I don't really care about the talent is it could have been at the U.S. japan. Well, they could be everywhere. So while I try to recruiting that much more the talent and that's the kind of important things and I'm asking that our CEO is to. Well, your job is to secure that talent in the future is legislative doing and well, we're going to. We're going to create a lot of jobs and while we announced that more several trillion dollar investment planned for in the future. So we need a lot of talent. Right.

[B]

Chairman Che, what is the biggest technological advantage that SK has built?

[C]

One of the memory side.

[B]

Memory side Process design.

[C]

I guess that. Well, you cannot just say just one things.

[B]

But what's the most important thing?

[C]

Well, one team. So Hynix. Well, I really focused on the. We could bring that to just one company, one team. So this is a simple business model and memory manufacturing. So we can actually emphasize that we are just one team. And so I think that the one team made it with a really one big historical achievement now. So that's what I'm saying And that's the most important matter. Yeah, you can say that there was design capacities and. Yes, well process technology this is right.

[B]

But that's all working with TSMC on the base die which the others do not do also.

[C]

Well, we don't actually compete with that there were any customers.

[B]

That's another do not compete with any customers. And you feel that's important?

[C]

Yes, that's important. And that actually gives us a lot of room to actually partnership in the future. So that's how we can actually maintain all those partnerships.

[B]

Bigger picture can you catch up with Samsung?

[C]

Oh that's I don't want to answer or those kind of questions so I don't. Well my main goal is that the world I have to make the our stakeholder happy.

[B]

Yes.

[C]

Well in order to that there is a well certain part is a competition but I'm not really wanted to head up what that's my main goal and

[B]

difficult though Chairman because the shareholders love the profit. The customers want more capacity, more supply. Those seem to be competing ideals.

[C]

That's what we call that the stakeholders so it's not only the shareholders so shareholder ones that are great returns here. Right and the customer wants that the well cheap product and enough supply so but well I cannot just satisfy every time every stakeholder but while we had at a certain balance so you know between that stakeholder and what I really see that well I also have to make that the my members and members of the company while they have to be happy so happy company make that the happy wizard. So that's a simple.

[B]

I need to say Chairman Chade The ADR is one stakeholder the US investor the ADR is indicated to open $17077 per ADR. Of course the ADRs were priced at 149. The memory market is also evolving so while supply is tight there's a. There's a very broad look at other technologies. I'm very interested about SK's Hynix's approach to NAND and flash memory and the role you see that technology playing going forward.

[C]

Right. So that's a different type of the memory storage. So DRAM has their own functions but that's instant things and like people you just remember the certain numbers and if you just prepare that your exam then you had real good memory all of those certain numbers and certain target but you also need a lot of other memories in the way when you was young then you had some memories but well that memory needs that not just that in a brain you probably saw that somewhere but like well AI AI needed a lot of storage so DRAM has instant response and instant response the type of memory is. And you should store there but if you had a more big size and we call that the cold data. So if it's a cold data then while you could actually store in the. Yeah.

[B]

And where is the innovation? Where it. Sorry to interrupt you chairmanship. Where is the innovation on that other side?

[C]

Oh there's a lot of technologies and the problem is that the world in an end it actually well response is needed a lot of the time. That means the latency. So in order to shorting that the latency what we need that a lot of special technology on that. And well probably well what we call that the KV caching the key value caching. And while that the cash has to store in somewhere. So that's a kind of the pyramid the hierarchy of the world the whole memory storage systems. And we need that all those evolution of the world those the memory things.

[B]

And SK will invest into that technology.

[C]

Of course that's our domain business. And well we're going to. We're going to make it. And we could actually deliver some other the business model even not just at the memory producer. So we could actually memory services like memory as a service. You know, in the future that that is one of the areas of what we could actually focus on.

[B]

So talk a little bit more about memory as a service. Well the basics of how that would work.

[C]

Well it's a. Right now it's a kind of imaginary things and an idea. Yeah. Yes. Just idea. So but I think that our whole AI trend the direction is goes there of course that the world memory is a kind of real bottleneck and we have to solve it. And some of the specialists actually bring that there was certain type of solution to each customers and the each application. So it's not just that one solution could actually cover that all those problem. It's not going to happen. But it's an influencing market and that influencing market it has at the characteristic that characteristic. And we have to develop that a certain adjustment for the stack up to the memories and how to do it. And we need some special software together. But anyhow that well we could actually solve as a kind of services rather than adjust Here is memory and you just use it. But we just fix it all kinds of different memory the memory systems. So once we made it and we could actually deliver as a kind of service rather than just produce it just a commodity.

[B]

It's an interesting look at the future. We are live on Bloomberg Television and radio speaking to SK Group Chairman Che. In October when you spoke to Bloomberg Cherie on you said everyone asked me about AI bubble. AI bubble. AI bubble. And you said at the time it's about the cost of AI. The cost of AI is too high.

[C]

Yeah.

[B]

Has that changed since October? And what is the trajectory of the cost of AI?

[C]

Yeah, well cost of AI as well. You could actually say that the token

[B]

for dollar token per dollar or Dollar per token basis. Yeah.

[C]

Anyhow we have to lower down that the token cost.

[B]

But do you see it coming down

[C]

actually well within three years. Actually token cost is about 1/5 or the 1:10. So that's evolutions. And while there is a lot of players just contributed those kind of the token token cost is way down. So even my memory company make some solution for the how. How we can actually lower down that the token cost. That's the whole challenge. And while our direction is goes there so that's a kind of ecosystem for the AI and while right now is cost is too high. But somehow that our technology you know down the road probably five or ten years. And while we actually digest at all those problems. And it could actually be that while everybody's AI and everybody could actually using that today on the agent in the future. So that's. That's. That's the direction I see.

[B]

But no AI bubble air bubble.

[C]

And well when you see that the air bubble and this real world and the stock market. Stock market always I see that there's some overshooting and well as a too hot, too cold. So there might be that the world there is a lot of bubble for that the stock price is up. But that just. That doesn't actually reflect at the whole real world. But the trend wise is a long run then two years, three years down the road. And you could actually reflect that the old real world. That's what I see. And you can say that AI bubble but I see that the world's stock market. But this technology is real. So you use use it and well actually the problem is while these AI thing is that right now is a little immature the imperfect yet it's the early stage. Because it's the early stage is a kind of. I said it's only four years old baby. But in you become a well some college boy and something else. And it has that the much more the mature. So it could actually help us at a lot of productivity. And we just rely on those things. And this is a kind of race. And right now we see that there's

[B]

some a trial Chairman Che It's a historic day. Literally making history with the ideas the focus on America SK's relationship with America. What is your relationship like with the Trump administration? And how are you working with them to bring more of SK Hynix to. To this country?

[C]

Well not on just ask Hynix. And we've been already the SK already investing at the more than $35 billion in US side and not many people noticed Those things. But we do have bio business, we do have the battery business and Hynix just announced that the new fab in the Indiana side and also SK Telecom made it a lot of investment in other startups. So we already invest into 35. But I see that. Well, my plan is that the much bigger number.

[B]

So bigger than 35?

[C]

Yeah, well more. Much, much bigger than 35. So I'm planning to. And this is one milestone and we access the US capital market and we have a lot of options and also we have that responsibility to keeping the share price and well, there's one good thing is that we made it the right investment and so we keep that at our own value. Hmm.

[B]

China, it's an important market. China driver of AI.

[C]

Yeah, China as well. We have to actually notice that the China approaches are way different than the US side.

[B]

How so?

[C]

They have a lot of disorganization on the air side. But anyhow that they put it in a lot of other resources. The number one is that the human force.

[B]

So human capital.

[C]

Yeah, human capital. And the number of people number of engineers. So annually. Well they had that stem the student from that the major in the stem. And it's more than the million students has come out and every years so they're looking for the jobs and mostly they apply to the tech area. When you say tech area is. Well, probably 50% is a side so they are AI as well as a. Yeah, they using that the different strategies. So I don't see that there were any any kind of the visible result yet. But there is some signs and they making that some the cheaper way and they tried to create the world cheaper token. The token cost of comparability. Yes, that's the kind of important matter and the US focus on top niche market and the quality of tokens but China is focused on other ways so I don't know the result but well I see that what if they're using the different strategy.

[B]

SK Group Chairman Che Taehon thank you. Congratulations.

[C]

Thank you.

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