SK Hynix reported a first-quarter net profit that surpassed its entire revenue for fiscal year 2023. The South Korean memory chip maker posted 40.35 trillion won in net profit, exceeding the 32.77 trillion won total revenue recorded two years prior.
Quarterly revenue hit 52.58 trillion won, roughly $35.5 billion, representing 198% year-over-year growth. The surge was driven almost entirely by insatiable demand for high-bandwidth memory and other AI-optimized chips. Operating profit reached 37.61 trillion won, producing a record operating margin of 72%.
These results mark a complete reversal from the company’s 2023 struggles with market oversupply.
The company filed an amended Form F-1 on June 30 for a NASDAQ American Depository Receipt listing under the ticker SKHY. The target is approximately $29.4 billion through the issuance of 17.79 million new shares. Trading is expected to begin around July 10, pending regulatory approvals. Proceeds are earmarked for production ramp-ups including the M15X facility and the Yongin cluster expansion.
SK Hynix’s dominance in HBM, where it supplies critical components for NVIDIA’s AI accelerators, positions it at a chokepoint in the AI supply chain. Customer demand currently outpaces supply capacity. The nearly $30 billion capital raise is intended to widen its first-mover advantage against competitors like Samsung and Micron Technology, who are racing to close the HBM production gap.