SK Hynix is considering expanding its cooperation with Japanese companies in the memory chip sector, Chief Executive Officer Kwak Noh-jung said Thursday. The South Korean semiconductor manufacturer is evaluating opportunities to jointly develop the NAND flash market with its Japanese customers and suppliers, the CEO told reporters following a groundbreaking ceremony for a new production facility in West Lafayette, Indiana.

At the event, Kwak emphasized the company’s interest in supporting the growth of Japan’s semiconductor industry, alongside its ongoing investments in the United States. The Indiana plant represents a significant milestone for SK Hynix as it invests over $4 billion to establish a cutting-edge memory packaging facility on a 54-hectare site. The company expects the plant’s cleanroom to open by October 2028, with mass production of next-generation high-bandwidth memory (HBM) slated to begin in the second half of 2029. Once fully operational, the facility is projected to employ approximately 1,000 workers and serve as a major hub for HBM production in the U.S.

HBM chips are critical components for artificial intelligence hardware, particularly in acceleration systems used by companies like Nvidia. The rising demand for HBM and other memory products has contributed to SK Hynix’s position as South Korea’s second-most valuable company, trailing only Samsung Electronics.

Kwak also addressed SK Hynix’s indirect stake in Japan-based Kioxia Holdings, a specialist in NAND flash memory that retains data without power. Following recent changes in Kioxia’s shareholder structure—stemming from Toshiba Corp.’s reduced ownership earlier this month—SK Hynix’s investment vehicle BCPE Pangea Cayman 2 became the largest shareholder with a 14.19% stake. According to Kioxia’s annual report, SK Hynix holds bonds convertible into nearly all voting rights of BCPE Pangea Cayman 2, a factor cited as a potential conflict of interest.

SK Hynix was part of a Bain Capital-led consortium that acquired Kioxia from Toshiba in 2018, agreeing to keep its voting rights below 15% until 2028 unless Kioxia consents to a larger stake. When asked about plans to increase U.S. investments, Kwak declined to provide specific details but said the company remains open to expanding in regions with secure access to power, water, and skilled labor.

Additionally, Kwak noted that SK Hynix is still reviewing the possibility of listing its U.S.-based NAND subsidiary, Solidigm. This follows reports that Solidigm is exploring pre-IPO fundraising efforts valued between 5 trillion and 10 trillion won (approximately $3.6 billion to $7.2 billion) to enhance its competitive position. The company described these efforts as part of various measures aimed at strengthening Solidigm’s market presence.