Stock Market Today, Oct. 28: SK Hynix Surges on Record Q3 Results and AI-Memory Demand
SK Hynix(NASDAQ:SKHY), a memory semiconductor maker, closed at $164.70, up 13.30%. The stock surged after record third-quarter results and stronger AI-memory demand. The company also said memory-chip demand is expected to outpace supply through the end of the decade.
Trading volume reached 48.4 million shares, coming in about 113% above its three-month average of 22.7 million shares. SK Hynix IPO'd in 2026 and has fallen 2% since going public.
How the markets moved today
The S&P 500(SNPINDEX:^GSPC) rose 0.28% to 7,744, while the Nasdaq Composite(NASDAQINDEX:^IXIC) gained 0.27% to 26,550. Among semiconductor memory chips (DRAM and NAND flash) peers, Micron Technology(NASDAQ:MU) closed at $983.23, up 5.86%, and Sandisk(NASDAQ:SNDK) closed at $1,404.77, up 7.66%, as traders leaned into stronger AI-memory demand.
What this means for investors
SK Hynix impressed investors with a more than sevenfold jump in operating profit, as its operating margin reached 80%. The record quarter came as AI memory pricing continues to rise amid strong demand.
Management said that DRAM (Dynamic Random-Access Memory) and HBM (High Bandwidth Memory) production volumes are effectively sold out through 2029.
That should lead to ongoing free cash flow and profit growth. It will take time for supply to catch up to demand, too. Supply can't scale quickly because leading-edge manufacturing is increasingly complex, and new fabs take years to build.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Micron Technology. The Motley Fool has a disclosure policy .
Stock Market Today, Oct. 28: SK Hynix Surges on Record Q3 Results and AI-Memory Demand was originally published by The Motley Fool
