Nvidia Supplier SK Hynix posted record third-quarter profits driven by strong demand for its high-bandwidth memory used in generative AI. Revenue grew 94% year-over-year, slightly below analyst estimates. Operating profit surpassed forecasts. Sales of HBM products rose 70% from the previous quarter and tripled compared to the same period last year. HBM features vertically stacked chips to save space and lower power consumption, commonly used in laptops, workstations, and PCs. SK Hynix shares briefly declined at market open on Thursday but later rebounded to trade higher.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02NVIDIA supplier SK Hynix posted record third-quarter profits,
00:06driven by strong demand for its high-bandwidth memory used in generative AI.
00:10Revenue grew 94% year-over-year, slightly below analyst estimates.
00:14Operating profits surpassed forecasts.
00:17Sales of HBM products rose 70% from the previous quarter
00:20and tripled compared to the same period last year.
00:23HBM features vertically stacked chips to save space and lower power consumption,
00:27commonly used in laptops, workstations, and PCs.
00:31SK Hynix shares briefly declined at market open on Thursday,
00:34but later rebounded to trade higher.
00:36For all things money, visit Benzinga.com slash GSTV.