Hyundai Motor Reports 7% Decline in Q3 Operating Profit Amid Global Slowdown 
Gold Prices Experience Modest Increase Amid Election Uncertainty 
Orange Reports Strong Q3 Profits Driven by Africa and Middle East Growth 
South Africa's Inflation Drops to 3.8% in September: Implications for Monetary Policy 
Market Reactions to Trump's Rising Odds: Implications for US and European Equities 
Frontier Airlines Explores Spirit Airlines Acquisition Amid Bankruptcy Talks 
Danone Surpasses Q3 Sales Expectations Driven by Strong North American Demand 
Maldives Shifts Debt Management Strategy Amid Concerns of Default 
Gulf Stock Markets Dip Amid Geopolitical Tensions and Economic Forecasts 
U.S. Oil Inventory Build Pressures Crude Prices Amid Middle East Tensions 
Tesla Beats Q3 Estimates with Strong Margins, Predicts Growth in 2024 Deliveries 
Randstad Reports Stronger-Than-Expected Quarterly Profits Amid Economic Challenges 
McDonald’s Faces E. Coli Outbreak Linked to Quarter Pounder: 1 Death, 10 Hospitalized 
Seven & i Holdings' Strategy to Revitalize 7-Eleven Amid Takeover Threat 
Japan’s Business Activity Contracts in October as Both Manufacturing and Services Sectors Decline 
S&P 500 Positioning Hits Three-Year High: Market Trends and Risks 
SK Hynix Outperforms Q3 Profit Estimates, Fueled by AI Chip Demand
SK Hynix Inc. announced a significant third-quarter profit, exceeding market expectations due to robust demand for its advanced memory chips used in artificial intelligence (AI) applications. The South Korean memory chip giant posted an operating profit of 7.03 trillion won ($5.07 billion) for the quarter ending September 30, surpassing Reuters’ forecast of 6.8 trillion won. This marks a notable recovery from a 1.8 trillion won loss the previous year.
Revenue Surge Driven by AI
The company’s revenue almost doubled to 17.57 trillion won, bolstered by the rising demand for memory in AI-driven sectors, particularly data centers. SK Hynix, a key supplier to AI frontrunner NVIDIA Corporation, attributed its earnings surge to the AI boom, as it manufactures advanced high-bandwidth memory (HBM) chips used in AI chipsets.
Strong HBM Sales Growth
SK Hynix reported a 70% quarter-on-quarter increase in HBM sales, with a 330% surge year-on-year. This growth allowed the company to outperform competitors such as Samsung Electronics Co Ltd (KS:005930) and Micron Technology Inc. In September, SK Hynix commenced mass production of its latest generation of HBM chips, the most advanced in the market.
Stock Performance in 2024
SK Hynix shares have surged nearly 38% in 2024, although they remain below record highs from earlier this year. The company's leadership in AI memory solutions continues to drive its market performance.
