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How will SK Hynix stock price change by the end of Q3 2024?
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SK Hynix Reports Highest Quarterly Profit in Six Years with $11.9 Billion Revenue on AI Chip Boom
Jul 24, 2024, 11:34 PM
SK Hynix has reported its highest quarterly profit in six years, driven by robust sales of AI chips. The company, a key supplier to Nvidia, saw its Q2 profit soar due to the booming demand for advanced DRAM chips, particularly high-bandwidth memory. Quarterly revenue more than doubled to $11.9 billion, stoking hopes that the global AI hardware boom will persist. The average selling price for DRAM increased by mid-teen percentages compared to Q1, while NAND prices rose by mid-high teen percentages. SK Hynix expects Q3 DRAM shipments to rise by low single-digit percentages and Q3 NAND shipments to fall by mid single-digit percentages. The company also anticipates its capital expenditure for the year to exceed earlier plans. This marks the third consecutive quarterly profit for the South Korean company.
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