SK hynix posts highest profits on AI demand

By Agence France-Presse

Jul 26, 2024 12:12 am

SEOUL — South Korean chip giant SK hynix reported its best quarterly profits in six years on Thursday, thanks to explosive global demand for artificial intelligence (AI), but its shares tumbled with other tech firms following a hefty sell-off on Wall Street.

The world's second-largest memory chipmaker dominates the market for high-bandwidth memory (HBM) semiconductors and is a key supplier for Nvidia, which controls about 80 percent of the global AI chip market.

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