South Korea's SK Hynix to establish a special ‘AI Company’ in the U.S.

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South Korean memory giant SK Hynix

announced Wednesday that it will set up a new U.S.-based company focused on artificial intelligence solutions, committing at least $10 billion as it seizes on new AI growth engines.

The new U.S. entity, tentatively named “AI Company or AI Co.,” will serve as a hub for SK Group’s AI strategies and work to accelerate the technology in global markets, the company said.

SK Hynix has emerged as a major AI player in recent years due to its leadership in high-bandwidth memory (HBM) chips, a type of memory used in AI chipsets like those from Nvidia