SK Hynix stock surged 13% in South Korean trading as the memory-chip maker got a double boost from its U.S. listing plan and Micron's blockbuster earnings.
The KOSPI Index jumped 5.4% as it continued its swift rebound from a 10% drop Tuesday--the red-hot stock market has climbed 112% in 2026.
The semiconductor company revealed Wednesday that its American depositary receipts are set to list on Nasdaq Global Select Exchange on July 10 with plans to raise around $30 billion in the process.
The announcement came after Korean trading so Thursday was the first chance for investors to react. But they had something else to digest too--Micron's earnings.
The U.S. memory-chip maker's results were strong. Revenue hit $41.5 billion, well ahead of expectations of $35.9 billion and a 346% rise year over year. Guidance was even better--revenue of around $50 billion in its fiscal fourth quarter.
Perhaps most significantly, CEO Sanjay Mehrotra said he expects tight market conditions to persist beyond 2027 "as a result of AI-driven demand across all segments coupled with structural supply constraints."
With no peak in sight for memory prices, and a U.S. listing in a matter of weeks, SK Hynix stock may just keep going up.
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