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 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.

The South Korean memory-chip maker plans to increase spending this year to meet strong demand for AI chips that helped it achieve a record second quarter.