Nvidia Supplier SK Hynix Reports Record-Breaking Quarterly Profit As AI Demand Drives 7% Revenue Surge
Portfolio Pulse from Kaustubh Bagalkote
SK Hynix, a key supplier to Nvidia, reported record-breaking quarterly profits driven by AI demand, with a 7% revenue increase. The company expects continued growth in AI memory demand and plans to enhance its NAND operations.
October 24, 2024 | 7:12 am
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Nvidia, a major client of SK Hynix, may benefit from the latter's record profits and increased production of AI memory products, indicating strong demand for Nvidia's AI technologies.
SK Hynix's record profits and increased production of AI memory products suggest strong demand for AI technologies, which could benefit Nvidia as a major client. This indicates a positive short-term impact on Nvidia's stock.
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