South Korean chipmaker SK Hynix reported record quarterly profit on Wednesday, CNBC, The Korea Times and Korea JoongAng Daily report. Strong demand for AI memory chips drove the results.

Operating profit rose about 632 percent from a year earlier to 83.33 trillion won, the outlets report. The Korea Times puts that at $62.8 billion. Revenue rose about 328 percent to 104.6 trillion won, topping 100 trillion won for the first time. The results beat forecasts.

The company said its DRAM and high-bandwidth memory chips are "effectively sold out" through 2029, Korea JoongAng Daily reports. That is a year past the 2028 date chipmakers had used for the supply crunch. It has long-term deals with 14 major customers.

SK Hynix also announced a plan to return about 100 trillion won to shareholders. That includes at least 30 trillion won in cash dividends and more than 60 trillion won in share buybacks. "We believe our shares are undervalued," the company said, The Korea Times reports.

Shares closed 10.89 percent higher, CNBC reports. The Kospi index rose 6.63 percent. Korea JoongAng Daily reports it was the index's biggest one-day gain since July 31.

Chief executive Kwak Noh-Jung said the company had stopped reviewing a possible stock listing for its US unit Solidigm, CNBC reports. He cited market swings. Gains from an investment in Japan's Kioxia will fund a special dividend.

The company expects demand for memory to keep outpacing supply for now, CNBC reports.

What we know: SK Hynix posted record profit and says key chips are sold out through 2029.
What we don't: Whether the AI demand behind the boom will last.