The rapid buildout of artificial intelligence data centers is fueling global supply bottlenecks for chips and other critical components, SK Group Chairman Chey Tae-won said Tuesday.

The surge in AI infrastructure demand is putting pressure on everything from semiconductors to related services, Chey said at a business event on the sidelines of the APEC summit in South Korea. Chey, who also chairs the Korea Chamber of Commerce and Industry, oversees a conglomerate that includes memory giant SK Hynix.

Competition to dominate AI technology has intensified to the point where major economies, including the U.S. and China, have rolled out national strategies to secure leadership, he added.