SK Hynix's record profit sends South Korea's stocks soaring
South Korea's Kospi jumped 6.8% to close at 6,023.73 on Wednesday after chipmaker SK Hynix reported a record quarterly operating profit of 83.3 trillion won ($62.8 billion), up nearly sevenfold from a year earlier on demand for AI memory chips. SK Hynix shares rose about 11%. The Federal Reserve announces its interest rate decision Wednesday afternoon; Wall Street widely expects it to hold rates steady.
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Why it matters
SK Hynix makes memory chips used in AI systems, and its results lifted other chip stocks, including Samsung in Seoul and Micron and SanDisk in U.S. premarket trading. Investors are also waiting on the Federal Reserve, which Wall Street widely expects to hold rates steady.
What to watch
The Federal Reserve announces its interest rate decision Wednesday, October 28, and Samsung Electronics reports third-quarter earnings Thursday.
Sources
- AP via KSAT: Shares in Asia rise after a rally on Wall Street
- Korea JoongAng Daily: Kospi sidecar triggered as SK hynix earnings fuel rally
- CoinDesk: Kospi surges as SK Hynix earnings fuel AI stock rebound
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