Nvidia supplier SK Hynix posts record quarterly profit as AI boom drives demand

South Korea’s SK Hynix, a major memory chipmaker, reported record quarterly profit thanks to strong demand for its high bandwidth memory used in generative AI. Their revenue and operating profit beat analyst estimates, with operating profit reaching its highest level ever. The company is a key supplier to Nvidia and has seen increased demand for AI memory from data center customers. SK Hynix expects continued growth in the AI memory market next year, along with steady growth in the PC and mobile consumer product markets. Overall, the company is optimistic about the future and plans to expand production to meet demand.