SK Hynix said on Friday it will invest 54 trillion Korean won ($38.1 billion) to build two new memory chip manufacturing plants, as demand for the components, which are key to AI, continues to grow. The South Korean tech giant announced a 35.2 trillion won investment in a fabrication plant, or fab, in Yongin called "Y2," with 19.1 trillion won earmarked for a facility in Cheongju called "M17." "This has prompted SK Hynix to inject fresh capex to expand its footprint. "Looking at the broader market, multi-vendor expansions from Samsung, SK Hynix, Micron, and CXMT will expand global supply significantly through 2028. Yet with demand growing even faster than planned capacity, memory prices are unlikely to soften before the end of 2028."