SK hynix Stock Rebounds After Earnings Release, Lifting Some Peers

Deep News07-29 08:43

SK hynix shares surged more than 5.4% on Tuesday, recovering from a broad market selloff, after the memory chipmaker's second-quarter operating profit missed expectations but was buoyed by optimistic commentary.

The company noted that memory prices saw a "significant" increase compared to the previous quarter, and it expects the momentum in memory demand to continue. This positive outlook helped lift shares of some other chip stocks as well.

SK hynix has signed long-term agreements with approximately 10 customers. It began mass shipments of HBM4 in the second quarter and plans to gradually expand its production capacity in the second half of the year.

The stock's rebound comes after a significant decline on Tuesday, when a broad selloff hit the tech sector.

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