By Kwanwoo Jun

SK Hynix's shares rose at their strongest pace in more than a month on Thursday, tracking the rally overnight in U.S. graphics-chip giant Nvidia.

Shares of the South Korean memory-chip maker closed 5.9% higher at 103,500 won ($78.48)--the sharpest daily percentage gain since April 7.

Meanwhile, the benchmark Kospi lost 0.5% for the day.

SK Hynix advanced after Nvidia's shares surged more than 28% in after-market trading to reach an all-time high, as it projected a more than 64% jump in sales on the boom in language-generating artificial intelligence.

SK Hynix said it has developed high bandwidth DRAM chips, dubbed HBM3, for Nvidia's new graphics processing units used in chatbots, such as OpenAI's ChatGPT.

A new generation of advanced Nvidia chips for AI calculations in data centers is in production, and the company is increasing its supply to meet surging demand, according to Nvidia CEO Jensen Huang.

Nvidia doesn't manufacture its own chips, but farms out production to contract chip-makers, such as SK Hynix .

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

May 25, 2023 05:06 ET (09:06 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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