崔泰源蔚山论坛警告AI或成泡沫，并重申SK与AWS蔚山AIDC扩至1GW（900MW扩产实为旧计划，仅口头称进展接近落地）

ULSAN — SK Group Chairman Chey Tae-won said the global rush into artificial intelligence must reach a point where AI generates its own profits and reinvests them, warning that companies pouring in astronomical sums could see the entire AI ecosystem deflate like a bubble if they fail to find clear revenue models.
"The key question is whether AI can really become a sustainable business model," Chey said at the 2026 Ulsan Forum held on the 11th at the Ulsan Exhibition & Convention Center. "If there is no return after putting in so many resources, the AI boom could deflate like a bubble. What ultimately matters is whether everything invested in the AI business can be sustainable."
Capital spending by the world's five largest technology companies is projected to reach $791 billion this year and $1 trillion next year, according to JPMorgan. The figures have fueled a continuing debate in markets and across the industry over whether AI is in a bubble.
Big Tech's reliance on borrowing has climbed sharply. The five companies issued $169.15 billion in corporate bonds in the first half of this year, equal to 51.3% of their capital spending, according to the Bank of Korea. Unable to fund the investments from internal resources alone, the companies are taking on more debt to pour money into AI.
"AI investment is being made on a scale 10 or 100 times larger than most investment plans," Chey said. "Given the enormous resources going in, better business models have to be built and commercialized so the money comes back."
Chey has long framed the AI industry around what he calls the three S's — speed, scale and safety — but has recently added business models and sustainability to the list.
For manufacturers making the shift to AI, he called for building data platforms first. "Manufacturing AI is not easy without a data platform of scale," he said. "Gathering data and expanding the volume of data that is needed is a national challenge for South Korea, and doing that first raises the odds of success for manufacturing AI."
Chey also disclosed progress on the AI data center SK Group is building in Ulsan. SK has partnered with Amazon Web Services to develop a 7 trillion won facility in the Mipo National Industrial Complex. "We met with big tech companies and made considerable progress," Chey said, adding that 900 megawatts have been added to a project originally planned at 103 megawatts, expanding it sharply to a total of 1 gigawatt.
On the outlook for affiliate SK Innovation, Chey said the company is "using AI to create energy solutions and building the electrification solutions needed for AI data centers." He added that it "has many global partners and investment plans, and will expand them further." Analysts read the remarks as a plan to build up power infrastructure through the group's energy affiliates, given that the success of the AI industry hinges on securing a stable supply chain for large volumes of electricity.