BlockBeats News, July 29th, according to BIT (bit.com) market data, SK Hynix (SKHY.O) released its financial report. Boosted by tech giants' increased investment in AI data centers, driving strong demand for advanced storage chips, the company's second-quarter operating profit soared by 557% to 60.5 trillion South Korean Won (about $41.62 billion), setting a new record high. In the same period last year, it was 9.2 trillion South Korean Won. However, this number was lower than the market's expectation of 64 trillion South Korean Won, mainly because its high-end storage chips (HBM) have a lower market share compared to its competitors, resulting in SK Hynix not fully benefiting from the current strong price hike cycle of conventional memory chips. This has exacerbated concerns that the AI frenzy driving the semiconductor industry's growth may be slowing down.

SK Hynix's revenue also fell short of expectations. The financial report showed that its second-quarter revenue was 79 trillion South Korean Won, while the market expected 84 trillion South Korean Won.

Impacted by the financial report, SK Hynix fell 9% in after-hours trading on Wall Street on Tuesday, then dropped another 9% after hours, and is currently down 2.74% after hours, trading at $126.55.