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South Korea's SK Hynix ramps up spending to meet chip shortage

Chipmaker posts 66% jump in Q1 profit

Demand and prices for NAND memory chips are increasing faster than expected.   © Reuters

SEOUL, (Reuters) - SK Hynix, the world's No.2 memory chip maker, said on Wednesday it will bring forward planned capital spending as it joins rivals in ramping up chip production to meet a global semiconductor shortage.

The South Korean firm posted a 66% jump in first-quarter profit on continued stay-at-home demand for devices and forecast strong demand for chips over the rest of 2021.

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