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: Oct. 24.
SK Hynix posts record Q3 profit as AI boom drives chip sales
SK Hynix reported a record profit in the third quarter, driven by strong demand for high-bandwidth memory (HBM) and increased DRAM chip sales for high-performance servers. The world’s second-largest memory chipmaker’s operating profit reached 7.03 trillion won ($5.08 billion) in the third quarter, rebounding from a loss of 1.8 trillion won during the same period last year. Revenue grew 94% year-on-year to 17.57 trillion won. The chipmaker’s quarterly profit was boosted by AI demand, especially high bandwidth memory (HBM) used in generative AI. The company said HBM sales were up 70% quarter-on-quarter and 330% year-on-year.
Korea Zinc shares skyrocket 29.9% as the battle for control continues
Shares in Korea Zinc, South Korea’s leading non-ferrous metal producer, soared 29.9% on Oct. 24 to a record high after a high-stakes tender for the company’s shares ended. Korea Zinc Chairman Choi Yun-beom is trying to fend off a takeover attempt by private equity firm MBK Partners and Young Poong. Neither side has secured a majority stake so far, and investors are expecting both sides will try to buy more shares in a market where only a limited number of stocks are available. Young Poong and MBK Partners currently hold 38.47% of Korea Zinc, while Chairman Choi, backed by Bain Capital, is attempting to raise his stake to 36.49%.
Rosé and Bruno Mars’ ‘APT.’ sweeps the world with Korean drinking game
K-pop girl group Blackpink’s Rosé has achieved global success with her new song “APT.” featuring American pop star Bruno Mars. Released on Oct. 18, the song topped Spotify’s global and U.S. charts and surpassed 100 million views on YouTube in five days, marking the first time a South Korean female solo artist has reached the No. 1 spot on both charts. Inspired by a Korean drinking game, the song features Mars chanting “Geonbae” (cheers) while drinking “somaek” (a soju-beer mix), with Rosé incorporating Korean subculture elements into both the song and music video. The catchy melody, humor, and cultural references have drawn comparisons to Psy’s “Gangnam Style.”
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