SK Group Chairman Chey Tae-won warned that the global artificial intelligence investment boom could deflate like a bubble unless companies develop businesses that generate profits and reinvest them. Speaking at the 2026 Ulsan Forum on the 11th, Chey said AI investment is occurring at 10 or 100 times the scale of most investment plans and that sustainable commercial models are needed to recover the resources being committed. JPMorgan projects capital spending by the world's five largest technology companies at $791 billion this year and $1 trillion next year. The companies issued $169.15 billion in corporate bonds in the first half of this year, equivalent to 51.3% of their capital spending, according to the Bank of Korea. Chey said SK has made considerable progress with major technology companies on its AI data center in Ulsan, which it is developing with Amazon Web Services in the Mipo National Industrial Complex. The 7 trillion won project was initially planned at 103 megawatts, with 900 megawatts added to bring total planned capacity to 1 gigawatt. Chey also said SK Innovation is using AI to develop energy solutions and electrification systems needed by AI data centers. He added business models and sustainability to the three S's he has used to frame SK's AI strategy: speed, scale and safety. For manufacturing AI, he said South Korea must first build large-scale data platforms and expand data collection.