SK hynix's stock price soared 9.54% during intraday trading on Tuesday, marking a significant upward movement 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 move also represents an oversold rebound, as the stock had previously declined over 16% across consecutive trading sessions, reaching levels where its forward price-to-earnings ratio had dropped to historically extreme lows.

Further supporting the positive sentiment, investment firm CLSA reaffirmed its "high conviction outperform" rating on the company, expressing a bullish outlook on cloud hyperscaler capital expenditure for 2027. The broader rally in memory-chip stocks is also attributed to market anticipation of heavy spending on artificial-intelligence hardware by major technology companies as their earnings season begins, which is expected to drive robust demand for high-bandwidth memory where SK hynix is a leading supplier.