Flash memory brand under Western Digital, acquired in 2016
SK Hynix has raised $26.5 billion by selling 177.9 million American depositary receipts priced at $149, marking the largest-ever U.S. share sale by a foreign company. Its ADRs began trading on the Nasdaq under temporary ticker SKHYV and will switch to SKHY; the company is using proceeds to expand fabs, packaging and EUV capacity amid booming AI-driven memory demand.
Investors are rotating away from AI‑spending mega‑cap leaders toward memory and chipmakers as AI costs and capex weigh on hyperscalers. The split resembles late‑1990s market dynamics, with hardware suppliers rallying while the Magnificent Seven lag. Analysts warn the trend could reshape market leadership into the second half of 2026.
Micron has reported blockbuster fiscal third-quarter results — $41.46bn revenue and $28.24bn net income — and has forecast roughly $50bn for the current quarter. The results have pushed Micron above a $1tn market value, restarted buying in memory stocks and have sharpened concerns that soaring AI data‑centre demand is forcing consumer electronics makers, including Apple, to prepare price increases.
The AI investment surge has boosted profits and economic activity, with data showing corporate profits reaching new highs and major chipmakers posting strong guidance. Yet pockets of softness linger as some firms warn that the AI-led upswing may not lift all boats. Second-quarter results are due to provide further clarity.
Tech stocks retreat after Micron’s results dim optimism for AI demand; Kospi sinks as memory-chip exposure bites—while mega-cap techs hold some ground.