Micron shares surge as SK Hynix reports record Q3 profit and forecasts memory shortage through 2030
+2 new sources since this summary was written
SK Hynix announced a third‑quarter operating profit of 83.3 trillion won, an increase of 632% year over year, and said the memory supply gap will persist until 2030. The Korean chipmaker’s U.S.‑listed stock jumped about 12%, prompting Micron Technology to rise roughly 5% in Nasdaq trading. Analysts, including Bank of America, lifted their outlook for Micron, citing the tighter supply environment and the company’s exposure to AI‑driven memory demand.
Why it matters
The rally suggests investors expect Micron’s earnings to benefit from prolonged memory scarcity, potentially pushing its valuation above current consensus estimates. Bank of America’s $1,550 price target for Micron reflects this more optimistic view.
Key facts
- 1SK Hynix’s Q3 operating profit rose 632% from the same quarter a year earlier to 83.3 trillion won (approximately $62.7 billion). finance.yahoo.com
- 2The Korean firm’s operating margin for the quarter was 80%. finance.yahoo.com
- 3SK Hynix forecast that memory demand will exceed supply through 2030. ibtimes.com.au
- 4SK Hynix’s U.S.‑listed shares increased about 12% after the results were released. ibtimes.com.au
- 5Micron Technology shares rose 4.85% to $973.77 in late‑morning trading. ibtimes.com.au
- 6Bank of America reiterated a buy rating on Micron with a $1,550 price target. ibtimes.com.au
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.