SK Hynix forecasts stronger demand for chips after Q1 profit jumps 66%

SK Hynix, the world’s No.2 memory chip maker, said on Wednesday it will bring forward planned capital spending as it joins rivals in ramping up chip production to meet a global semiconductor shortage.The South Korean firm posted a 66% jump in first-quarter profit on continued stay-at-home demand for devices and forecast strong demand for chips over the rest of 2021. “The company expects customers’ chip inventory to decrease quickly as current stronger-than-expected demand growth in the broader IT market continues,” it said in a statement.

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SK Hynix forecasts stronger demand for chips after Q1 profit jumps 66%

SK Hynix, the world’s No.2 memory chip maker, said on Wednesday it will bring forward planned capital spending as it joins rivals in ramping up chip production to meet a global semiconductor shortage.The South Korean firm posted a 66% jump in first-quarter profit on continued stay-at-home demand for devices and forecast strong demand for chips over the rest of 2021. “The company expects customers’ chip inventory to decrease quickly as current stronger-than-expected demand growth in the broader IT market continues,” it said in a statement.

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