SK Hynix posts sixfold rise in Q2 profit on AI chip demand, misses forecasts

South Korean chipmaker SK Hynix reported a record-high operating profit for the second quarter, marking a more than sixfold increase compared to the same period last year. The company’s financial performance was driven by a surge in demand for high-end memory chips used in artificial intelligence applications.

While the company saw a 557% jump in operating profit and a 1,200% boost in net profit, the results fell short of analyst expectations. The shortfall is attributed to the company's heavy focus on AI-specific memory, which meant it benefited less from the rising prices of conventional memory chips compared to its competitors. Despite missing these forecasts, the results underscore the impact of the ongoing AI chip supercycle on the semiconductor industry.