The global AI infrastructure buying frenzy is still in full swing – so much so that it has driven the world's second-largest memory maker, SK hynix, to its second-highest operating profit ever and a record first-quarter revenue.
SK hynix reports highest second-quarter profit in six years on robust AI chip sales
"The memory market is entering a full recovery cycle with continued strength of AI demand," the company said Thursday as it posted [PDF] a huge 144 percent year-on-year change in revenue to 12.4 trillion won ($9 billion) for calendar Q1 2024.
Net profit was 1.9 trillion won ($1.4 billion), while a year ago SK hynix reported a net loss of 2.6 trillion won ($1.9 billion). Operating profit for the first quarter of 2024 was 2.9 trillion won ($2.1 billion).
While recovery may come from the race to secure AI infrastructure, Sk hynix expects demand from "conventional DRAM" such as smartphones, computers and servers to improve in the second half of 2024 and any related glut of the products to decline.
