On Wednesday, SK hynix declared its most significant revenue milestone for Q3 2024 since its establishment, committing to a continued focus on AI chip production. The company’s revenue amounted to ₩17.6 trillion ($12.7 billion), marking a 94% increase from the previous year. Operating profits reached ₩7 trillion ($5 billion) following a loss in the same period last year, while net profits soared to ₩5.8 trillion ($4.2 billion) with a commendable margin of 33%.

These unprecedented results were primarily attributed to increased sales of premium products such as high-bandwidth memory (HBM), used extensively in AI applications, and enterprise solid-state drives for data centers. HBM accounted for 30% of all DRAM revenue, with its sales increasing 330% year-on-year.

The company anticipates continued demand for its premium chips, projecting HBM to represent 40% of DRAM revenue in the next quarter. Despite the possibility of oversupply, CFO Kim Mohan assured stakeholders of controlled production capacity and substantial demand for AI chips.

Moreover, SK hynix aims to enhance its high-value chip offerings, with advancements in HBM technology set for implementation soon. Conversely, the tech giant noted a gradual recovery in the PC and mobile sectors, with high expectations for AI-optimized memory growth in the upcoming year.

In contrast, Samsung’s recent financial results fell short of expectations, triggering formal apologies from its executives. SK hynix remains optimistic as it plans to release its complete results at the end of October, further emphasizing its robust performance in the AI-driven memory market.