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.

Revenue rose over 35% in the June quarter compared with the same period a year earlier, while operating profit jumped nearly 69%, year on year.

The South Korean chipmaker is racing to stay ahead of deeper-pocketed rival Samsung. Read more at straitstimes.com. Read more at straitstimes.com.