SK hynix shares hit record high of 200,000 won on Nvidia's earnings report

Finance

Published: 23 May. 2024, 13:26 Updated: 23 May. 2024, 16:27

SK hynix shares hit record high of 200,000 won on Nvidia's earnings report

Pictured is SK hynix's Zoned UFS (ZUFS) 4.0, a NAND flash memory chip that improves the efficiency of data management and optimizes data transfer between an operating system and storage devices. [SK HYNIX]

SK hynix’s shares hit an all-time high on Thursday, surpassing 200,000 won ($147) for the first time following Nvidia’s better-than-expected first fiscal quarter earnings released on Wednesday.

The Korean chipmaker's stock started at 204,000 won upon market opening. It ended at 200,000 won, up 1.16 percent from the last session's close.

The share price of SK hynix, an Nvidia supplier, rose by over 40 percent this year on the back of the AI boom, but it is the first time it surpassed the 200,000 won mark.

The Korean company is a market leader in high bandwidth memory (HBM) chips, an essential part of AI processors, and is the sole supplier of the 3 and 3E HBMs, SK hynix's fourth and fifth generation versions, for Nvidia's GPUs.

The U.S. AI chip giant exceeded market expectations to report $26 billion in revenue for this year’s first quarter that ended on April 28, up 18 percent from the previous quarter and up 262 percent from a year ago.

Its share price soared past the $1,000 mark for the first time during the extended trading session on Wednesday.

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]