SK Hynix reported a more than sixfold jump in quarterly earnings, driven by demand for advanced memory chips amid the AI boom. The world’s second‑largest memory‑chip maker said its operating profit surged 557 % to a record Won60.5 tn ($42 bn) in the three months to 30 June, compared with the same period last year.

Sales rose 257 % to Won79.3 tn ($50.7 bn), below analyst estimates of Won83.9 tn. SK Hynix shares climbed almost 4 % in morning trading after announcing multiyear contracts with about 10 customers.

The stock has fallen 47 % from its June peak amid doubts over the durability of AI spending by America’s biggest tech firms. Investors fear soaring memory costs could curb demand, while competition from Chinese DRAM makers like CXMT and advances in deep‑ultraviolet lithography add to anxiety.

SK Hynix and Samsung plan to build two new chip‑making plants each in South Korea for a combined Won800 tn ($530 bn), doubling DRAM capacity within five years. US rival Micron is also investing $250 bn until 2035, and SK Hynix’s CEO Chey Tae‑won pledges further US investment. Executives remain optimistic that AI reshapes demand and longer‑term supply agreements will improve earnings visibility.