South Korean memory manufacturer SK Hynix has triumphantly navigated last year’s downturn to emerge with significant profitability in the first quarter of 2023. Riding the wave of the booming AI industry, the company reported a staggering 144.3% increase in revenue to 12.42 trillion won. SK Hynix’s dominance in supplying high-bandwidth memory (HBM) to Nvidia’s AI chip platform has been a major driving force behind this growth.
Seagate Technology (NASDAQ: STX) reported mixed results for its fiscal first quarter of 2024, meeting revenue estimates but exceeding earnings expectations. The data storage company’s revenue declined by 11% year-over-year to $1.66 billion, slightly below analysts’ estimates. However, Seagate’s non-GAAP earnings per share (EPS) of $0.33 came in significantly ahead of consensus, marking an improvement from a loss per share of $0.28 in the same quarter last year.
