South Korea's SK Hynix on Thursday posted a record quarterly profit as the Nvidia supplier booked strong sales of its advanced chips, and said demand for high-bandwidth memory (HBM) chips would continue to outpace supply next year.

Operating profit for the third-quarter hit 7.03 trillion won ($5.08 billion), a record high, beating LSEG forecast of 6.8 trillion won.

Nvidia Supplier SK Hynix posted record third-quarter profits driven by strong demand for its high-bandwidth memory used in generative AI. Revenue grew 94% year-over-year, slightly below analyst estimates.

Nvidia will supply artificial intelligence processors to Indian companies such as Mukesh Ambani's Reliance Industries , the chip giant said on Thursday, as it deepens partnerships to exploit a growing market.

India’s cloud providers and server manufacturers plan to boost Nvidia GPU deployment nearly tenfold by the year’s end compared to 18 months ago.

Nvidia has partnered with Reliance Industries to develop an AI computing infrastructure and innovation center in India. This collaboration aims to leverage Nvidia's advanced AI chips to bolster India's role in the global AI industry,