SK hynix's stock surged 6.33% in pre-market trading on Tuesday, marking a significant rebound for the memory chip manufacturer.

The rally was primarily driven by optimistic comments from SK Group Chairman Chey Tae-won, who projected that AI semiconductor demand could surge 60% to 100% year-over-year next year, with overall memory demand growth expected to be 50% to 60%. He noted that major manufacturers have virtually no substantive capacity expansion plans, suggesting a widening supply-demand gap that could benefit established players like SK hynix.

The stock had previously declined over 16% across consecutive trading sessions, reaching oversold levels with forward PE ratios at historically extreme lows. The broader positive sentiment was also supported by strong semiconductor export data from South Korea, with exports soaring 180% year-on-year in the first 20 days of July, and industry analysis suggesting that the proliferation of efficient AI models will continue to drive robust demand for high-bandwidth memory where SK hynix is a leading supplier.