Nvidia supplier SK Hynix reverses losses in first quarter on explosive AI demand

SK Hynix on Thursday posted a net profit of 1.92 trillion South Korean won following five consecutive quarters of net losses.

SK Hynix Inc. signage at the company's office in Seongnam, South Korea, on Monday, April 22, 2024. SK Hynix is scheduled to release earnings figures on April 25. Photographer: SeongJoon Cho/Bloomberg via Getty ImagesSouth Korean memory chipmaker SK Hynix on Thursday reported a net profit of 1.92 trillion South Korean won in the first quarter,This was the first positive income recorded since the third quarter of 2022, LSEG data showed.

SK Hynix attributed the strong performance to an "increase in the sales of AI server products backed by its leadership in AI memory technology including high-bandwidth memory" as well as efforts to drive profitability. The explosive demand for AI chipsets boosted the high-end memory chip market, hugely benefiting players like SK Hynix and Samsung Electronics.as such chips allow these models to remember details from past conversations and user preferences in order to generate humanlike responses.

Source: News Formal (newsformal.com)

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