SK hynix posts 1,200 pct net profit boost on AI chip boom
South Korea's SK hynix said July 29 second-quarter net profit soared a whopping 1,242 percent year-on-year, driven by the artificial intelligence industry's explosive demand for its advanced memory chips.
SK hynix is a specialist supplier of high-bandwidth memory chips to U.S. industry behemoth Nvidia, and a pillar of South Korea's tech-led economy.
The global race to build data centers hosting AI infrastructure has seen a meteoric rise in the firm's fortunes, despite concern the sector may be overvalued in a market bubble.
Yesterday's earnings figures, including quarterly net profit of 94 trillion won ($64 billion), were described in a statement by the Icheon-headquartered firm as "an all-time high quarterly performance."
