A South Korean’s darling company is the stock to watch today. SK Hynix begins trading on the Nasdaq (QQQ) today. The firm is the second most valuable company in South Korea, after shares rose sevenfold. Its market capitalization is around $1 trillion.
Investors who hold Samsung (SSNLF) or Micron Technology (MU) should monitor the volatility in SK Hynix stock closely. Memory stocks will move strictly with the ever-rising hardware orders from firms like Tesla (TSLA), Microsoft (MSFT), Amazon (AMZN), and Alphabet (GOOG).
Investors are selling Micron, Marvell (MRVL), and Intel (INTC) stock to start a position in SK Hynix shares.
Nebius (NBIS) risks erasing a recent rebound. Shares traded down by around 3.75%. Analysts and investors are growing increasingly concerned about the overcapacity in AI infrastructure. For example, BNP wrote on July 2 that SpaceX (SPCX) benefited from inelastic demand. Although that argument is flawed, since token costs would drop as more supply flooded the market, hyperscaler stocks are under pressure.
Nebius and CoreWeave (CRWV) are down by ~ 30% and 41%, respectively, from their 52-week high.
Meta Platforms (META) jumped by nearly 6% this morning. Investors dismissed the European Commission’s finding that ruled Meta’s Facebook and Instagram as addictive. Still, Meta is ending its acquisition of Manus, worth $2 billion. Tencent (TCEHY) might become its biggest shareholder instead.
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