NVIDIA $NVDA-SK Group $500B+ AI deal ties 2GW factories to HBM4

A $500B-plus NVIDIA $NVDA-SK Group initiative puts AI factory construction and HBM supply into the same strategic agreement. In a July 24 press release, NVIDIA said the companies signed letters of intent covering AI infrastructure buildout and AI memory supply.

The two material numbers are $500B-plus and 2 gigawatts. SK Telecom plans to build a NVIDIA Vera Rubin DSX AI Factory in Korea at up to 2GW scale, with the first AI factory planned to come online in 2027. The stack is expected to use NVIDIA DSX architecture, Vera Rubin accelerated computing and SK hynix HBM4.

The memory leg matters because it moves the deal beyond ordinary cloud capacity expansion. SK hynix separately said it is entering a long-term AI memory partnership with NVIDIA to secure and co-develop next-generation memory, including HBM. The stated workload range includes large language model training, agentic AI and physical AI.

For NVIDIA, the financial issue is not only GPU demand. At AI factory scale, memory bandwidth, power supply, cooling and system architecture determine how much usable compute customers can bring online. A 2GW facility based on Vera Rubin hardware would require coordinated planning across chips, HBM, networking, power and software. The SK agreement gives NVIDIA a named HBM partner while giving SK Group a route to package SK Telecom infrastructure with SK hynix memory.

The market should treat the announcement as a large strategic infrastructure framework rather than a completed revenue booking. Both companies described letters of intent, and neither disclosed minimum purchase commitments, memory pricing, delivery volumes or accounting timing. Those details will decide how quickly the $500B-plus headline converts into reported revenue or capital expenditure.

Next items to watch are definitive agreements, the first 2027 AI Factory deployment schedule, HBM4 production allocation and any financing disclosures tied to the 2GW buildout.

Not investment advice. Verify all figures with primary sources before acting.