SK Hynix flagged plans to lift spending this year on advanced chipmaking after posting a record quarterly profit on Thursday, boosted by strong demand for artificial intelligence chips and customers stockpiling ahead of potential U.

SK Hynix is making record profits due to the increasing demand for AI chips, particularly from Nvidia. This performance has propelled it past its competitor, Samsung, in the high-end memory space. SK Hynix reported a major boost in Q2 earnings following rising demand for its AI-focused memory chips.

SK Hynix, a major supplier of advanced memory chips to Nvidia, is set to significantly boost capital spending in 2025 after reporting a record operating profit of USD 6.7 billion in the second quarter.