Samsung Electronics and SK Hynix Shares Surge on Micron's Strong Earnings
Samsung Electronics and SK Hynix shares surge. Check out the key drivers behind the semiconductor rally, fueled by Micron's strong earnings and expectations for ADR listing, along with the broadening demand for HBM and a stronger index.
Samsung Electronics and SK Hynix shares surged sharply on the 25th. The strong results from U.S. semiconductor maker Micron and SK Hynix's plan to list American depositary receipts (ADRs) in the U.S. boosted investor sentiment.
On the day, Samsung Electronics closed at 358,500 won, up 5.29%, and SK Hynix finished trading at 2,917,000 won, up 13.06%. As the two stocks account for a large share of the KOSPI's market capitalization, the index also showed strength, rising 5.42% to close at 8,930.30.
Micron announced that its revenue for the latest quarter came in at $41.46 billion, surpassing market expectations. As a result, expectations grew that demand for highbandwidth memory (HBM) could continue amid the spread of artificial intelligence. In addition, with SK Hynix's Nasdaq ADR listing schedule confirmed, the possibility of inclusion in global indices and a revaluation of the company's value were also raised.