SK Hynix third quarter profit surges on AI chip demand

South Korean semiconductor manufacturer SK Hynix released its third quarter financial results on Wednesday, sharply beating analyst estimates. CNBC Tech reported that the strong results were driven by a boost in artificial intelligence memory chips. [1]

According to CNBC Tech, revenue for the July to September period jumped 327.9 percent compared to the same period a year earlier. Operating profit for the quarter climbed 632.1 percent year on year. When compared to the previous quarter, revenue rose 31.9 percent while operating profit surged 37.6 percent. [1]

The company is a key supplier of high bandwidth memory chips to Nvidia, CNBC Tech reported. SK Hynix is one of the world's largest semiconductor vendors and forms part of the big three memory manufacturers alongside Samsung Electronics and Micron. The business traces its origins back to Hyundai Electronics, which was established in February 1983. [1][2][3]

The surge in demand for artificial intelligence chips follows broader financial reports across the technology industry. As FTMQ Tech reported earlier, other major tech firms including IBM have also seen earnings gains connected to growing artificial intelligence sales. [5]