Memory chip stocks are surging after industry giant SK Hynix reported a more than sevenfold increase in its third-quarter operating profit, driven by strong demand for AI-related memory chips. The company also announced a substantial shareholder return plan and projected that demand for memory chips will outstrip supply through 2030. This overwhelmingly positive news from a market leader has lifted the entire memory chip sector, with companies like Micron Technology seeing significant pre-market gains.