SK hynix shares hit the 30% daily limit in Korea on July 31. This rally reversed a decline that followed the company's recent earnings report. SK Group's Chairman purchased shares for the first time on July 30. U.S.-listed shares also increased significantly.
Strong cloud and AI infrastructure results from Microsoft boosted investor sentiment. Competitor Samsung warned that memory shortages could persist through 2028. These factors signaled sustained long-term demand for AI-related memory chips.
The market turnaround overshadowed SK hynix's record-breaking second-quarter profits. The earnings results had initially missed high analyst expectations.