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.

The company said supply will remain tight for high-performance chips, but demand declines will accelerate for legacy products.

SK Hynix Inc., a major supplier of memory chips, has announced record quarterly earnings. However, investors have reacted cautiously. Concerns about smartphone demand and future AI spending have tempered enthusiasm.