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SK Hynix Outperforms Q3 Profit Estimates, Fueled by AI Chip Demand
SK Hynix Inc. announced a significant third-quarter profit, exceeding market expectations due to robust demand for its advanced memory chips used in artificial intelligence (AI) applications. The South Korean memory chip giant posted an operating profit of 7.03 trillion won ($5.07 billion) for the quarter ending September 30, surpassing Reuters’ forecast of 6.8 trillion won. This marks a notable recovery from a 1.8 trillion won loss the previous year.
Revenue Surge Driven by AI
The company’s revenue almost doubled to 17.57 trillion won, bolstered by the rising demand for memory in AI-driven sectors, particularly data centers. SK Hynix, a key supplier to AI frontrunner NVIDIA Corporation, attributed its earnings surge to the AI boom, as it manufactures advanced high-bandwidth memory (HBM) chips used in AI chipsets.
Strong HBM Sales Growth
SK Hynix reported a 70% quarter-on-quarter increase in HBM sales, with a 330% surge year-on-year. This growth allowed the company to outperform competitors such as Samsung Electronics Co Ltd (KS:005930) and Micron Technology Inc. In September, SK Hynix commenced mass production of its latest generation of HBM chips, the most advanced in the market.
Stock Performance in 2024
SK Hynix shares have surged nearly 38% in 2024, although they remain below record highs from earlier this year. The company's leadership in AI memory solutions continues to drive its market performance.
