SK Hynix Reports Record Q1 Profits Driven by AI Chip Demand

The South Korean memory chip maker credits soaring demand for AI memory chips, particularly high-bandwidth memory, for its financial turnaround.

SK Hynix recorded a net profit of $1.4 billion in Q1 2024, marking its first profit in five quarters.
The company's revenue hit $9 billion, a 144% increase year-on-year, fueled by strong sales of AI server products.
SK Hynix plans to invest over $14.5 billion in new production facilities to meet the growing demand for AI memory chips.
The firm has become a key supplier of high-bandwidth memory chips to Nvidia, essential for AI training GPUs.
Industry experts predict a 60% annual growth in the HBM market, underscoring the strategic importance of SK Hynix's expansion plans.