SK Hynix Lists Today. $28 Billion. The Chip Trade Just Walked Back In.
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SK Hynix IPO Day • Before the Bell
The Largest Foreign IPO in U.S. History Lists Today. Seven Times Oversubscribed.
SK Hynix, the world’s largest memory chipmaker, begins trading on the Nasdaq this morning. $28 billion. The week started with Iran strikes and a Fed split. It ends with the most oversubscribed IPO of the year. The market priced in the fear and moved on.
Friday, July 10, 2026 • SKHY begins Nasdaq trading • Delta earnings before the bell • CPI in 4 days
Key Idea
SK Hynix controls 56.4% of the high-bandwidth memory market. That is the HBM chip inside every Nvidia AI server. It begins trading on the Nasdaq today at $149 per depositary share under the ticker SKHYV. Institutional demand ran seven times the available supply. The $28 billion raise is the largest first-time foreign listing in U.S. history. Yesterday SOXX, the semiconductor ETF, gained 5%. Micron rose 4.5%. SanDisk jumped 7.6%. The chip selloff that started July 1 lasted exactly five sessions. The AI memory trade just repriced itself through the front door.
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To make sure these editions land in your primary inbox instead of the promotions tab, please reply to this email with any word, or drag it into your Primary tab if you use Gmail. That one step keeps us connected.
Thank you for your patience. We are glad to be back, and we will keep earning your open every single morning.
What SK Hynix Brings to Your Screen
SK Hynix is the second-largest DRAM maker on earth and the global leader in HBM. That is high-bandwidth memory. It is the chip that sits on top of every Nvidia GPU in every AI data center. Without HBM, the GPU cannot access data fast enough to run AI models. SK Hynix makes 56.4% of the global supply.
The company’s Q1 revenue surged 198% year-over-year to 52.6 trillion won. For full-year 2026, analysts forecast $232 billion in revenue and $144 billion in net profit. Those are not typos. The AI memory boom is printing money at a pace that makes Nvidia’s growth look measured.
Every dollar raised today goes to building more capacity. $20.2 billion for the Yongin Semiconductor Cluster. $12.4 billion for an advanced packaging fab in Cheongju. $7.8 billion for EUV lithography equipment. That is the machine that prints the most advanced chips on earth. SK Hynix is not raising capital to pay down debt or fund buybacks. It is building factories because it cannot make HBM fast enough to meet demand.
Until today, American investors who wanted SK Hynix had two options. Buy thin-liquidity unsponsored ADRs. Or navigate the Korean exchange during Seoul hours. That barrier is gone. SKHY trades on the Nasdaq starting this morning.
The company’s Q1 revenue surged 198% year-over-year to 52.6 trillion won. For full-year 2026, analysts forecast $232 billion in revenue and $144 billion in net profit. Those are not typos. The AI memory boom is printing money at a pace that makes Nvidia’s growth look measured.
Every dollar raised today goes to building more capacity. $20.2 billion for the Yongin Semiconductor Cluster. $12.4 billion for an advanced packaging fab in Cheongju. $7.8 billion for EUV lithography equipment. That is the machine that prints the most advanced chips on earth. SK Hynix is not raising capital to pay down debt or fund buybacks. It is building factories because it cannot make HBM fast enough to meet demand.
Until today, American investors who wanted SK Hynix had two options. Buy thin-liquidity unsponsored ADRs. Or navigate the Korean exchange during Seoul hours. That barrier is gone. SKHY trades on the Nasdaq starting this morning.
How Thursday Rewrote the Week
The Nasdaq gained 1.3%. The S&P 500 rose 0.81%. The Dow added 139 points. All three indexes climbed despite the U.S. and Iran exchanging fresh strikes overnight.
Oil fell. Tankers kept crossing the Strait of Hormuz. The market looked at the escalation and decided: this is noise, not a blockade. Brent crude settled below $78 after touching $79 intraday Wednesday. The fear premium that drove energy stocks higher all week started leaking out.
Chips led everything. SOXX gained 5% in a single session. That is the biggest one-day move for the semiconductor ETF since early June. ARM Holdings surged 11%. Marvell gained 5.4%. Micron rose 4.5%. SanDisk jumped 7.6%.
Meta announced it will target production of its own AI chip by September. That is another deployer building its own silicon. We told you July 2 that the trade was shifting from builders to deployers. Now the deployers are becoming builders too. The entire value chain is converging.
Jobless claims came in at 215,000. Below the 218,000 estimate. Lowest since May 23. The labor market is soft but not collapsing. That is the Goldilocks reading for a Fed on hold.
Oil fell. Tankers kept crossing the Strait of Hormuz. The market looked at the escalation and decided: this is noise, not a blockade. Brent crude settled below $78 after touching $79 intraday Wednesday. The fear premium that drove energy stocks higher all week started leaking out.
Chips led everything. SOXX gained 5% in a single session. That is the biggest one-day move for the semiconductor ETF since early June. ARM Holdings surged 11%. Marvell gained 5.4%. Micron rose 4.5%. SanDisk jumped 7.6%.
Meta announced it will target production of its own AI chip by September. That is another deployer building its own silicon. We told you July 2 that the trade was shifting from builders to deployers. Now the deployers are becoming builders too. The entire value chain is converging.
Jobless claims came in at 215,000. Below the 218,000 estimate. Lowest since May 23. The labor market is soft but not collapsing. That is the Goldilocks reading for a Fed on hold.
The Five-Day Shakeout That Settled Nothing
On July 1, Micron fell 10.6%. AMD fell 6.9%. The chip selloff looked like the start of a rotation that would last all quarter. Five sessions later, SOXX gained 5% in a day and SK Hynix attracted 7x oversubscription for the largest foreign IPO in history. The selloff was real. It shook out weak holders. Then demand showed up from Apple, China, and now $28 billion in institutional capital. The shakeout did not kill the AI memory trade. It repriced the entry.
Three Scenarios for Today
Base
SKHY opens at $155–170 on heavy volume. Day-one premium holds as institutional demand absorbs the float. Memory names rally in sympathy: Micron, SanDisk, Western Digital gain 2–4%. Delta reports solid earnings and airlines stabilize. The S&P 500 holds 7,500–7,575. The Dow stays near 52,500. Oil drifts to $72–74 as Hormuz traffic continues. CPI on Monday July 14 becomes the sole remaining catalyst before earnings season.
Upside
SKHY opens above $175 as 7x oversubscription crushes the float. The SK Hynix debut triggers a broad memory re-rating. Micron pushes past $190. SOXX extends to a second consecutive 3%+ day. Delta beats on revenue and margin, lifting airlines after a brutal week. Iran signals willingness to resume talks. Oil drops below $72. The S&P 500 closes above 7,575 for the first time. The Nasdaq retests 26,500.
Risk
SKHY follows the SpaceX pattern: opens strong, fades by close, ends below the IPO price. Institutions that oversubscribed 7x flip on day one. Memory names reverse Thursday’s gains. Delta misses on margins as jet fuel costs spike from $78 oil. Airlines resume their selloff. A Friday Iran escalation catches thin end-of-week liquidity. The S&P 500 gives back Thursday’s gains. The week closes flat despite the strongest chip session in a month.
Our View
This week tested every thesis we have been building since July 2. Iran struck 85 U.S. bases. The Fed revealed a 9-9 split. Oil surged $11. SpaceX fell below its IPO price. The Dow lost 700 points in two sessions.
And then Thursday happened. SOXX gained 5%. ARM surged 11%. The Nasdaq climbed 1.3%. SK Hynix priced the largest foreign IPO in U.S. history at 7x oversubscription. The market absorbed the geopolitical shock in 48 hours and rotated straight back into AI memory.
We told you Tuesday to hold both trades. The macro hedge and the growth position. Thursday proved why. Energy and defense held their week’s gains. Chips bounced harder than anyone expected. If you own XLE and SOXX in the same portfolio, you won on both sides of the split.
Today is about one question. Can SK Hynix hold its premium on day one? SpaceX could not. Tesla could not. Samsung could not. But those were arrivals the market had already priced. SK Hynix gives American investors something new: direct access to the HBM monopoly for the first time. That is not a priced-in event. That is a structural unlock.
CPI on Monday. Earnings the week after. The second half is four days old. It has already produced a record Dow, a Fed split, an Iran escalation, and the largest foreign IPO in history. Stay positioned. Stay patient. The data will do the rest.
And then Thursday happened. SOXX gained 5%. ARM surged 11%. The Nasdaq climbed 1.3%. SK Hynix priced the largest foreign IPO in U.S. history at 7x oversubscription. The market absorbed the geopolitical shock in 48 hours and rotated straight back into AI memory.
We told you Tuesday to hold both trades. The macro hedge and the growth position. Thursday proved why. Energy and defense held their week’s gains. Chips bounced harder than anyone expected. If you own XLE and SOXX in the same portfolio, you won on both sides of the split.
Today is about one question. Can SK Hynix hold its premium on day one? SpaceX could not. Tesla could not. Samsung could not. But those were arrivals the market had already priced. SK Hynix gives American investors something new: direct access to the HBM monopoly for the first time. That is not a priced-in event. That is a structural unlock.
CPI on Monday. Earnings the week after. The second half is four days old. It has already produced a record Dow, a Fed split, an Iran escalation, and the largest foreign IPO in history. Stay positioned. Stay patient. The data will do the rest.