AsianFin--South Korea's SK Hynix reported its highest quarterly profit since 2018 on Thursday, fueled by surging demand for AI chips, including high-bandwidth memory (HBM) crucial for generative AI chipsets.

"AI demand continues to exceed expectations. We anticipate that next year's HBM shipments will more than double compared to this year," said Kim Kyu Hyun, Head of DRAM Marketing, during an earnings call.

Despite this strong performance, SK Hynix's shares fell by as much as 8.4% in morning trading, reflecting declines in U.S. tech stocks like Nvidia, as many tech firms' earnings fell short of lofty investor expectations.