SK Hynix posted an operating profit of 5.47 trillion won (US$3.96bil) in April-June. — Bloomberg
Seoul: South Korean chip giant SK Hynix has reported its best quarterly profit in six years, thanks to explosive global demand for artificial intelligence (AI), but its shares tumbled with other tech firms following a hefty sell-off on Wall Street.
The world’s second-largest memory chip maker dominates the market for high-bandwidth memory (HBM) semiconductors and is a key supplier for Nvidia, which controls about 80% of the global AI chip market.
SK Hynix posted an operating profit of 5.47 trillion won (US$3.96bil) in April-June, its third consecutive quarterly profit after losses last year.
Net profit jumped 115% on-year to 4.12 trillion won and revenue surged 125% to 16.42 trillion won – a record quarterly high.
The company said “the continuous rise in overall prices of products with strong demand for AI memories including HBM led to 32% increase in revenues compared to the previous quarter”. — AFP