SK Hynix reports record quarterly profit on AI memory demand

SK Hynix reported record first-quarter profit and revenue as memory chip prices continue to rise amid strong demand from artificial intelligence applications. The company's high-bandwidth memory, which is used in AI processors, has seen prices climb as supply struggles to keep pace with demand from data center operators. SK Hynix is the leading supplier of HBM3 and HBM3E memory, which is used in Nvidia's AI chips. The results were in line with analyst estimates. The company has benefited from a shortage of advanced memory chips used in AI training and inference workloads. SK Hynix's dominance in the HBM market has positioned it as a key beneficiary of the AI infrastructure buildout, with major technology companies increasing their spending on AI-capable data centers.