SK Hynix Third-Quarter Profits Surge on AI Chip Demand

SK Hynix reported third-quarter earnings for the July-to-September period that significantly exceeded analyst estimates, fueled by the global expansion of AI infrastructure. The company recorded revenue of 104.62 trillion won ($78.86 billion) and an operating profit of 83.33 trillion won, marking year-on-year increases of 327.9% and 632.1%, respectively.

As a primary supplier of high-bandwidth memory (HBM) chips to Nvidia, the chipmaker benefited from increased corporate spending on advanced processors and data centers. In tandem with these financial gains, the company previously announced a 40 trillion won share repurchase and cancellation plan.

Despite the strong earnings, the company's U.S. subsidiary, Solidigm, will halt its review of IPO options and pre-IPO fundraising. The company cited market volatility and current share price trends as the reasons for pausing the public offering process.