SK Hynix, the main supplier of high-bandwidth-memory products for Nvidia, plans to increase spending this year to meet strong demand for artificial-intelligence chips that helped it achieve a record second quarter.

SK Hynix Inc. outlined plans to speed up spending on advanced memory production equipment after reporting record earnings, reflecting surging AI demand.

SK Hynix flagged plans to lift spending this year on advanced chipmaking after posting a record quarterly profit on Thursday, boosted by strong demand for artificial intelligence chips and customers stockpiling ahead of potential U.