SK Hynix posted another record quarter with a fivefold jump in earnings as the world’s second-largest memory chipmaker stressed a “structural shift” in the sector with booming AI demand continuing to strain chip supply.
The South Korean company said on Thursday that operating profit rose to Won37.6tn ($25.4bn) in the first three months of this year, beating analyst estimates of Won35.7tn. Revenue for the key supplier to semiconductor titan Nvidia nearly tripled to Won52.6tn from a year earlier.
SK Hynix expected the upcycle to last longer than in the past as customers prioritised procurement over pricing amid the supply crunch, while capacity constraints limited supply expansion.
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