The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Aug 16.
South Korea suffers unrelenting heatwave and record tropical nights
South Korea is experiencing one of the hottest summers on record. The number of days the daily maximum temperature exceeded 33 degrees Celsius, known as “heatwave days,” more than doubled the usual average, totaling 16.8 days as of August 14. The average temperature for August has been 28.5 degrees Celsius, which is 2.4 degrees higher than the usual 26.1 degrees. The extreme heat has also brought prolonged tropical nights, where temperatures have stayed above 25 degrees overnight for 26 days from July 21.
Typically, the heat subsides around mid-August, but the Korea Meteorological Administration forecasts that this year, the heatwave and tropical nights will continue for at least 10 more days.
Global DRAM revenue surges on strong HBM demand, boosting SK Hynix’s market share
Global DRAM revenue surged 24.8% quarter-on-quarter to $22.9 billion in the second quarter, driven by strong demand for premium memory chips like high-bandwidth memory (HBM) and rising DRAM prices, according to market research firm TrendForce. Samsung Electronics led the market with $9.8 billion in revenue, up 22%, while SK Hynix saw a 38.7% increase to $7.9 billion, boosted by its leadership in the HBM sector. Micron’s revenue grew 14.1%.
SK Hynix’s market share rose from 31.1% in the first quarter to 34.5% in the second quarter, closing the gap with Samsung, whose share dipped slightly to 42.9%. SK Hynix is the first chipmaker in the world to mass-produce and deliver the fifth generation HBM3E to U.S. tech giant Nvidia.
Tesla reveals battery suppliers after EV fire spurs safety concerns
Tesla Korea disclosed the battery suppliers for its electric vehicles, revealing that the Model 3 and Model Y use batteries from LG Energy Solution, Panasonic, and CATL, while the Model X and Model S rely solely on Panasonic batteries. This transparency comes after the South Korean government’s push for automakers to reveal battery sources after a fire involving a Mercedes-Benz EQE electric sedan in Incheon raised concerns about EV safety. In response, several major automakers, including Hyundai, Kia, BMW Korea, Mercedes-Benz Korea, and Volkswagen Group, have also disclosed the names of their battery suppliers.
