SK Hynix shares soar to 25-year highs on high-end chip breakthrough
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Shares of SK Hynix jumped Friday after announcing that it had finished developing HBM4, the latest generation of high-bandwidth memory seen as vital for artificial-intelligence applications.
Its shares rose over 7% to hit the highest since 2000 as of 9.40 p.m. ET Wednesday.
Elsewhere in Asia, markets were trading higher, tracking Wall Street gains overnight.
Japan’s benchmark Nikkei 225 rose 0.58% after hitting a fresh record high on Thursday, while the Topix added 0.61%. South Korea’s Kospi climbed 0.83%, and the small-cap Kosdaq jumped 0.65%.
Hong Kong’s Hang Seng index rose 1.64%, while mainland’s CSI 300 inched 0.19% higher.
Australia’s benchmark S&P/ASX 200 added 0.41%.
Equities in several parts of the world have been rallying as easing inflation pressures and expectations for U.S. rate cuts boost investor sentiment.
“Momentum and the promise of easier money are the main reasons. Various central banks, like the ECB and PBOC, have cut rates or used monetary stimulus, and now the Fed is likely to join the party,” said Steve Sosnick, chief strategist at Interactive Brokers.
Overnight stateside, all three major averages closed higher, as traders anticipated that the latest reading of a key consumer inflation gauge wouldn’t stand in the way of the Federal Reserve lowering its benchmark interest rate next week.
The Dow Jones Industrial Average finished up 617.08 points, or 1.36%, at 46,108.00, while the S&P 500 ended up 0.85% at 6,587.47. The Nasdaq Composite advanced 0.72% to 22,043.07. All three major averages scored new intraday all-time highs in the trading day and closed at record levels.
The CPI reading showed an increase of 0.4% for the month, according to the Bureau of Labor Statistics, higher than the 0.3% that economists polled by Dow Jones were expecting.
CNBC’s Sean Conlon and Alex Harring contributed to this report.
