SK Hynix Reports Record Profit and Revenue

SK Hynix has reported a record quarterly profit of 7 trillion won ($5.07 billion) for Q3 2024, a significant rebound from a loss of 1.8 trillion won a year prior, driven largely by a 94% increase in revenue to 17.6 trillion won. The surge in sales is attributed to high demand for advanced memory chips, particularly High Bandwidth Memory (HBM) used in generative AI applications, with HBM sales increasing over 330% year-on-year. The company outperformed competitors like Samsung Electronics and Micron Technology, benefiting from its early investments in HBM technology. SK Hynix executives have downplayed concerns about potential oversupply, citing ongoing strong demand and technological challenges limiting production. Looking ahead, they anticipate continued robust demand for AI-related memory products, which is expected to bolster their market position well into 2025.