SK Hynix flagged plans to lift spending this year on advanced chipmaking after posting a record quarterly profit on Thursday, boosted by strong demand for artificial intelligence chips and customers stockpiling ahead of potential U.

Revenue rose about 35% in the June quarter compared with the same period a year earlier, while operating profit jumped nearly 69%, year on year.

SK Hynix is making record profits due to the increasing demand for AI chips, particularly from Nvidia. This performance has propelled it past its competitor,