SK Hynix says chip industry woes “unprecedented”, to slash investment

SEOUL: South Korean chipmaker SK Hynix Inc said on Wednesday the memory chip market is facing an “unprecedented deterioration”, as its third-quarter profit tumbled 60% amid a surge in inflation, missing expectations.

“Supply will continue to exceed demand for the time being,” the world’s second-biggest memory chip maker said in a statement, pointing to a fall in notebook and smartphone shipments.