Micron and SK Hynix stock were rising ahead of the open Thursday after earnings from Alphabet and signs of continued spending on memory helped ease fears that have hung over chip makers.
SK Hynix was outdoing its U.S. rival, though the Korean memory giant has been susceptible to bigger swings recently, since it made its debut in the U.S. stock market earlier this month.
Micron stock gained 3.5% in premarket trading on Thursday with SK Hynix's American Depositary Receipts (ADRs) up 6.7%.
Alphabet's earnings after the closing bell on Wednesday are fuelling the rally. During its call with investors, Google said it expects to spend between $195 billion and $205 billion on capital expenditure, significantly higher than its previous capex guidance of $180 billion to $190 billion.
Shares in Micron and SK Hynix have languished over the last month amid fears that sky-high chip prices may not be sustainable and that spending by Big Tech names like Google could peter out. Alphabet's guidance on spending is allaying some of those fears, at least for now.
Micron stock is down near 9% in a month with SK Hynix's Seoul-listed shares -- it only listed in the US on July 10 -- falling by almost a quarter over the same period.
Write to Jack Denton at jack.denton@barrons.com
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July 23, 2026 06:56 ET (10:56 GMT)
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