of South Korea SK HanksOne of the world’s largest memory chip makers posted record quarterly earnings on Thursday, supported by strong sales of high-bandwidth memory (HBM), used in generative AI.

Here are SK Hynix’s fourth-quarter results compared to the LSEG SmartEstimate, which has been more consistently accurate than analyst forecasts:

• Income: 19.77 trillion won ($13.7 billion) vs. 19.91 trillion won
• Operating profit: 8.08 trillion won ($5.6 billion) vs. 8.02 trillion won

Operating profit rose 15% year-on-year to another record high in the October-December quarter, as did revenue, which rose 12%.

The South Korean chipmaker has made rapid gains in artificial intelligence servers and is a key supplier Nvidia.

“SK Hynix emphasized that with the long-standing demand for AI memory, the company achieved [an] All-time high result through world-leading HBM technology and profit-oriented operation,” the company said in its statement Release of income.

HBM is a type of dynamic random access memory, or DRAM, in which chips are stacked vertically to save space and reduce power consumption. The technology is often used in products like laptops and PCs.

SK Hanks, Micron Technology And Samsung Electronics HBM are the top three manufacturers of chips.

The strong fourth-quarter figures come at the end of a year that saw the company reach record annual revenue, surpassing the previous high of more than 21 trillion won in 2022.

Meanwhile, operating profit beat the record set in 2018 during the “super boom” in the semiconductor industry.