Chip Heavyweight SK Hynix’s Revenue Beats as AI Lifts Memory Demand

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SK Hynix and its peers have struggled for the better part of two years with a post-pandemic collapse in demand for the memory chips essential to smartphones, servers and computers. Photo: Bloomberg

(Bloomberg) — SK Hynix Inc.’s quarterly sales beat estimates, and the company declared surging interest in artificial intelligence (AI) was driving the beginnings of a recovery in the memory chip market.

The South Korean supplier to Apple Inc. and Nvidia Corp. now expects sales for its high-end DRAM chips to more than double this year to power storage-hungry AI applications. SK Hynix said it’s gearing up to push out more of those chips, even as the company vowed to continue to slash overall output.