SK hynix says it will triple its memory chip production and output by 2034

The current memory crisis means that one of the only real ways to ease the burden on the consumer market and meet the insatiable demand from the AI and data center sectors is for key players to ramp up production of existing and next-gen memory chips. As one of the biggest players in the space, SK hynix is looking to do just that and, in the process, triple its wafer production.

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Although the construction of four new facilities to, well, facilitate this won't be completed and online until 2034, this is actually a shorter timeline than the previous target set by SK hynix of 2045. In a recent interview with Nikkei Asia (via German outlet ComputerBase), SK Group Chairman Chey Tae-won said, "Since we're proceeding with the plan to expand as much as possible, our calculations show that our wafer capacity will double within five years. But honestly, once all these facilities are built, it won't just double, it will triple by around 2034."

According to the chairman, the current 2034 target is the best-case scenario and that there's no way to "move faster than this." Due to the ongoing demand for DRAM and NAND Flash, prices have quadrupled over the past year as supply struggles to meet demand. And with that in mind, this news is welcome for the long-term supply of memory, but it doesn't address the current crisis.

SK hynix's expansion with new factories is an ambitious project, as these new sites are larger, multi-story facilities designed to produce vast quantities of memory and storage chips. This is how the company plans to triple wafer production, but again, the eight-year timeline (down from twenty) does mean we're still a long way out from these facilities going online.