{"slug":"sk-telecom","name":"SK텔레콤","name_en":"SK Telecom","ticker":"017670.KS","updated_at":"2026-07-12T04:12:17.176+00:00","canonical":"https://valuechain.wiki/sk-telecom","same_as":["https://finance.yahoo.com/quote/017670.KS","https://finance.naver.com/item/main.naver?code=017670"],"citable":"밸류체인 그래프 기준 SK텔레콤의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 35곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, SK Telecom is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 35 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"통신사에서 AI 인프라 기업으로","kicker_en":"Korea's No.1 carrier pivoting into AI infrastructure","lead":"SK텔레콤은 한국 최대 이동통신 사업자로, 5G 가입자가 전체의 75%를 넘는 통신 본업 위에 AI 데이터센터, GPU 클라우드(GPUaaS), 자체 AI 비서 에이닷을 얹어 AI 인프라 기업으로의 전환을 추진한다. SK그룹 계열사로서 SK하이닉스 HBM, 엔비디아 GPU로 이어지는 AI 밸류체인의 국내 접점이다. 순수 소비재와 달리 통신이 AI 사슬로 연결되는 구조다.","lead_en":"SK Telecom is Korea's largest mobile operator, with 5G subscribers above 75% of its base. On that connectivity business it is stacking AI data centers, a GPU cloud (GPUaaS) and its own AI assistant A-dot, moving from telco to AI-infrastructure company. As an SK Group affiliate it is the domestic bridge in an AI value chain that runs through SK hynix HBM and NVIDIA GPUs. Unlike a pure consumer name, here a telecom wires into the AI chain.","segments":{"fy":2025,"parts":[{"desc":"매출의 대부분. 고배당·저변동 본업","name":"유·무선 통신(MNO)"},{"desc":"클라우드 매출 +30%","name":"엔터프라이즈·클라우드"},{"desc":"GPUaaS(엔비디아 H100/H200)·에이닷. 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Systems","tier":3,"returns_yearly":null}],"analysis":"SK텔레콤의 논점은 '고배당 통신 현금원 위에 AI 인프라를 얹는 전환'이다. 5G 75%+의 통신 본업이 저변동 현금흐름을 대는 가운데, GPUaaS(엔비디아 H100/H200)·AI 데이터센터·에이닷으로 SK그룹 AI 밸류체인(SK하이닉스 HBM→엔비디아 GPU)의 국내 접점을 자처한다 — 순수 소비재와 달리 통신이 AI 사슬로 연결되는 유일한 국내 노드다. 다만 2025년 유심해킹 여파로 영업이익이 -41% 급감(매출 약 8천억 하향)해 본업 신뢰 회복이 선결과제이고, AI 전환은 아직 매출 기여가 작은 옵션 단계다. 관전 포인트는 GPUaaS·울산 AI DC의 매출화 속도와 가입자·마진 안정이다.","analysis_en":"SK Telecom's thesis is 'stacking AI infrastructure on top of a high-dividend telecom cash cow.' While the 5G-75%+ core delivers low-volatility cash flow, GPUaaS (NVIDIA H100/H200), AI data centers and the A-dot assistant make it the domestic bridge in the SK Group AI value chain (SK hynix HBM -> NVIDIA GPU) — unlike a pure consumer name, a telecom wired into the AI chain. But the 2025 SIM-hacking fallout cut operating profit -41% (revenue down ~KRW 0.8T), so restoring trust in the core comes first, and the AI pivot is still an early option with small revenue contribution. What to watch is the pace of monetizing GPUaaS and the Ulsan AI data center, and subscriber/margin stability.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"이동통신 가입자 (MNO)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"조원","basis":"연결 매출","value":17.1,"period":"FY2025","basis_en":"consolidated revenue"},"note":"유무선 통신 본업 — 5G 가입자 75%+. 고배당·저변동 현금흐름의 축.","note_en":"Wireless and wired telecom core, with 5G subscribers above 75%; the base of its high-dividend, low-volatility cash flow.","sources":[{"stance":"confirms","publisher":"DART 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318000532","title":"SK텔레콤 2025 사업보고서","title_en":"SK Telecom FY2025 Annual Business Report (DART)","excerpt":"FY2025 연결 매출 17조0,992억원(유심해킹 여파 -4.7%).","excerpt_en":"FY2025 consolidated revenue KRW 17.10T (-4.7% on the SIM-hack)."}]},{"direction":"cost","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":{"qualifier":"sales_channel"},"note":"GPUaaS를 엔비디아 H100 기반으로 출시하고 H200을 국내 최초 도입. SK그룹 AI Factory에 엔비디아 GPU 5만+기, 울산 AI DC 1GW급 확장. SKT는 엔비디아 클라우드 파트너.","note_en":"Launched GPUaaS on NVIDIA H100 and introduced H200 first in Korea; the SK Group AI Factory runs 50,000+ NVIDIA GPUs with a gigawatt-scale Ulsan AI data center. SKT is an NVIDIA Cloud Partner.","sources":[{"stance":"confirms","publisher":"DART 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318000532","title":"SK텔레콤 2025 사업보고서","title_en":"SK Telecom FY2025 Annual Business Report (DART)","excerpt":"AI 데이터센터 매출 3,974억원(+13.1%), GPUaaS 신규 투자.","excerpt_en":"AI data center revenue KRW 397.4B (+13.1%); new GPUaaS investment."},{"stance":"confirms","publisher":"코리아헤럴드","publisher_en":"The Korea Herald","kind":"news","lang":"en","published_at":"2025-01-13","url":"https://www.koreaherald.com/article/10389109","title":"SKT GPUaaS, 엔비디아 H100 기반…국내 첫 H200 도입","title_en":"SKT GPUaaS runs on NVIDIA H100, first H200 in Korea","excerpt":"SKT의 GPUaaS는 엔비디아 H100 기반이며, H200을 국내 최초로 1분기 도입할 계획.","excerpt_en":"SKT's GPUaaS is powered by NVIDIA's H100 GPUs, and it plans to introduce H200 first in Korea in Q1."}]},{"direction":"cost","counterparty":"주파수·네트워크 설비 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"spectrum_network_capex"},"note":"주파수 이용대가와 기지국·네트워크 설비투자.","note_en":"Spectrum fees and base-station/network capex.","sources":[{"stance":"confirms","publisher":"DART 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318000532","title":"SK텔레콤 2025 사업보고서","title_en":"SK Telecom FY2025 Annual Business Report (DART)","excerpt":"네트워크 설비투자·주파수 비용.","excerpt_en":"Network capex and spectrum costs."}]},{"direction":"cost","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"mid","metric":{"as_of":"2025-01-10","qualifier":"sk_group_ai_alliance"},"note":"SK그룹 계열 협력 — 2025-01 CES에서 SK하이닉스·펭귄솔루션즈와 AI 데이터센터 공동 R&D 협약, SKT 판교 AI DC 테스트베드에 SK하이닉스 HBM 탑재(지분 관계 아님, SK하이닉스 최대주주는 SK스퀘어).","note_en":"SK Group affiliate collaboration: a Jan 2025 CES agreement with SK hynix and Penguin Solutions for joint AI data-center R&D, with SK hynix HBM in SKT's Pangyo AI data-center testbed (not a shareholding; SK hynix's largest holder is SK Square).","sources":[{"stance":"confirms","publisher":"SK하이닉스","publisher_en":"SK hynix","kind":"ir","lang":"en","published_at":"2025-01-10","url":"https://news.skhynix.com/sk-hynix-partners-with-skt-and-penguin-solutions-to-drive-ai-data-center-business/","title":"SK하이닉스, SK텔레콤·펭귄솔루션즈와 AI 데이터센터 협약","title_en":"SK hynix partners with SKT and Penguin Solutions to drive AI data center business","excerpt":"SK hynix signed an agreement with SK Telecom and Penguin Solutions to promote joint R&D and business of AI data center solutions.","excerpt_en":"SK hynix signed an agreement with SK Telecom and Penguin Solutions to promote joint R&D and business of AI data center solutions."}]},{"direction":"revenue","counterparty":"엔터프라이즈·AI 데이터센터 (GPUaaS)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"ai_dc_gpuaas"},"note":"엔터프라이즈·클라우드(+30%)와 AI 데이터센터(GPUaaS·에이닷). 통신을 AI 인프라로 확장.","note_en":"Enterprise and cloud (+30%) plus AI data centers (GPUaaS, A-dot), extending telecom into AI infrastructure.","sources":[{"stance":"confirms","publisher":"코리아헤럴드","publisher_en":"The Korea Herald","kind":"news","lang":"en","published_at":"2025-01-13","url":"https://www.koreaherald.com/article/10389109","title":"SKT GPUaaS, 엔비디아 H100 기반…국내 첫 H200 도입","title_en":"SKT GPUaaS runs on NVIDIA H100, first H200 in Korea","excerpt":"가산 AI DC에서 GPUaaS 운영, 랙당 44kW(전국 평균의 9배).","excerpt_en":"Runs GPUaaS at the Gasan AI data center at 44kW per rack, nine times the national average."}]}]}