South Korean chip giant SK Hynix’s 3Q profits surge - Semafor

South Korean chip giant SK Hynix reported a sevenfold increase in third-quarter profits from a year ago, the latest sign of a tech boom driving nationwide economic growth. The earnings, which were powered by surging demand from the AI infrastructure buildout, come after official data showed South Korea’s GDP growth beat analysts’ expectations. Goldman Sachs upped its forecasts for expansion this year and next as a result.

Yet there were calls for caution: Private consumption fell, fueling experts’ concerns of a growth imbalance that could hurt other parts of the economy; South Korea’s central bank warned this year of “semiconductor Dutch disease,” referencing a 1960s gas boom in the Netherlands that strengthened the currency, crimping demand for other sectors’ goods.