South Korea's SK Hynix forecast sales of its high-end semiconductors used in generative artificial intelligence chipsets would double this year after reporting a record quarterly profit that surpassed its bigger rival Samsung.

SK Hynix Inc.’s shares slid 4.7% after its record quarterly profit and modest capex plans failed to impress investors betting on insatiable AI demand for advanced memory chips.

Daniel Yoo of Yuanta Securities, Korea says the legacy memory business is on a decline, but is optimistic for SK Hynix as their HBM business continues to grow and will retain over 50% market share.