SK Hynix Hits Nasdaq at $149, Delta Beats and Guides Higher

SK Hynix ADRs price at $149 for a $26.5B Nasdaq debut. Delta Q2 beats and reaffirms FY guide. Kospi rips 2.5%, Nasdaq closes at 26,206.89

TLDR

• SK Hynix ADRs price at $149, raise $26.5B and open on Nasdaq today under temporary ticker SKHYV, with permanent SKHY listing from Monday. Largest foreign US listing on record.
• Delta Air Lines Q2 beats: EPS $1.56 vs $1.48 expected, revenue $17.7B (+14% YoY), full-year guide reaffirmed at $6.50 to $7.50, dividend raised 15%.
• Wall Street snapped back Thursday: Nasdaq +1.30%, S&P 500 +0.81%, Dow +0.27%. Chips led, with Micron +4.5% and Sandisk +7.6% ahead of the SK Hynix debut.
• Kospi ripped +2.5% to 7,475.94 overnight, briefly cracking 7,500. Nikkei +1.2% to 68,557.73 with SoftBank +10%. Hang Seng heads for its best week in over a year.
• Note for CoinDCX Global Futures traders: SKHY is not yet on the verified ticker list. Today’s playable memory exposure remains through MU and NVDA.

Market Regime

The tape enters Friday in a very different posture than it held on Wednesday morning. Wall Street sold hard into Iran headlines mid-week, then reversed sharply on Thursday as chip stocks reclaimed leadership and oil eased despite fresh strikes. The story underneath is a repricing of the AI infrastructure trade back toward the bullish side of the ledger, and the SK Hynix Nasdaq listing at $149 with $26.5 billion raised is the single biggest vote of institutional conviction that memory demand has not peaked.

The offset is fragile. FOMC minutes on Wednesday showed a committee split on whether current policy is even restrictive, with a few members already floating hikes. The ten-year yield has crept to a four-week high near 4.58%, PepsiCo just warned of softer North America consumer demand, and PMI, PCE, and CPI prints later this month will decide whether the July 30 Fed meeting delivers a hold or a hawkish surprise. For Indian retail traders, the practical read is that memory and semiconductor names remain the sharpest expression of the AI trade, but with rates and macro data waiting to interrupt the story.

Bullish Factors

• SK Hynix ADR offering 7x oversubscribed at $149, meaning institutional demand well ahead of supply. Confirms US buy-side willingness to underwrite AI memory at scale.
• Delta beat and reaffirmation signal premium travel demand is holding. Loyalty revenue and premium cabin outperformance both flagged, with a 15% dividend hike.
• Chip sector rebounded hard Thursday: SMH +2.5%, MU +4.5%, Sandisk +7.6%, AMAT +3.2%. Meta popped 4% on plans to tape out its own AI accelerator by September.
• Micron announced $250B in expanded US fab spending to keep pace with AI memory demand into 2030.
• Asia followed through with force: Kospi +2.5%, Nikkei +1.2%, Hang Seng +1.0%. SoftBank piled on more than 10% on the SK Hynix cross-read.

Bearish Factors

• FOMC June minutes revealed a divided committee, with several officials arguing current policy is not restrictive and a few open to hiking. Sets up a hawkish risk into July 30.
• Ten-year Treasury yield sits near 4.58%, a four-week high, keeping cash competitive with equities and pressuring long-duration valuations.
• PepsiCo posted a one-cent miss and flagged softer North America consumer trends, a datapoint that maps onto a K-shaped economy where premium holds but staples wobble.
• US-Iran strikes resumed overnight into Thursday. Brent stayed above $76 and any tanker disruption in Hormuz reopens the oil shock playbook.
• Salesforce cut to Sector Weight at KeyBanc on weak AgentForce feedback. First real crack in the enterprise AI narrative.

Asian Markets This Morning

Asia opened firm and rallied through the day on the SK Hynix cross-read, with tech leadership broad enough to lift almost every regional index. The exception was Shanghai, where cooler June CPI and property-sector strain kept sentiment defensive.

• Kospi: +2.5% at 7,475.94 close. Briefly cracked 7,500 intraday with the index up more than 4% at the peak. SK Hynix Seoul shares added around 1% after Thursday’s 5.3% run.
• Nikkei 225: +1.2% at 68,557.73. SoftBank +10%, Tokyo Electron +4%, Advantest +4%, Kioxia +4%. AI supply chain caught a full-strength bid.
• Hang Seng: +1.0% at 24,266.72, on track for its best week in more than a year on a tech-led rally spanning Kuaishou, Manycore Tech, and Knowledge Atlas.
• Shanghai Composite: down about 1% to 3,996.16. Mainland lagged as June CPI printed at 1.0% versus 1.1% expected, reviving deflation debate.
• Samsung Electronics climbed roughly 2% in Seoul on the memory read-across, adding to Thursday’s move.
• USD/JPY slipped to 161.59 from 162.38 as yields cooled and Middle East risk premium eased.

What Moved Wall Street on Thursday

Thursday was a bounce day. Chip stocks led the reversal into the SK Hynix debut and the AI trade regained a clean tone after two sessions of Iran-driven selling.

• Nasdaq Composite +1.30% at 26,206.89. Semiconductor ETF SMH +2.5%.
• S&P 500 +0.81% at 7,543.64, a fresh multi-week high.
• Dow Jones +0.27% at 52,487.41. Cisco +3.8%, American Express +2.9%, Goldman Sachs +2.5% led. Salesforce -2.7% and IBM -2.4% were the drags.
• Russell 2000 +1.22% at 2,992.55, small-cap participation confirmed the risk-on rotation.
• Movers: Micron +4.5%, Sandisk +7.6%, Meta +4% on the AI-chip announcement, AstraZeneca -8% after a heart drug trial miss, Levi Strauss -4% despite a beat.
• Weekly jobless claims printed 215K, the lowest since May 23. Labor market softening but not cracking.
• VIX stayed below 17 through the session, signaling that the reversal was orderly.

Assets in Focus

Coverage focus for today. All tickers below are live on CoinDCX Global Futures unless flagged otherwise. Reference points for context, not entry or exit signals.

MU (Micron)

• Thursday close: +4.5%, riding the SK Hynix cross-read. Announced expanded $250B US fab spending plan to meet AI memory demand through decade end.
• Setup: Primary US-listed pure play on the same HBM cycle that SK Hynix’s IPO is validating. Analyst focus is on Q4 FY26 guidance and any Nvidia sole-source updates.

NVDA (Nvidia)

• Thursday close: +3.6% mid-week already, broke out again on China H200 procurement reports. CEO Jensen Huang has publicly named SK Hynix as a major partner through the memory shortage.
• Setup: Every dollar the market prices into SK Hynix at $149 flows through NVDA’s supply chain premium.

META (Meta Platforms)

• Thursday close: +4% on plans to tape out an internal AI accelerator by September. Reduces reliance on NVDA while validating the AI capex arms race.
• Setup: Custom silicon path is now a template. Watch for follow-through commentary at July 29 earnings.

AAPL (Apple)

• Setup: Broadcom bought earlier this week on Apple US-manufactured components deal. AAPL reports July 30 after close, and iPhone Mac pricing action from June still in focus.

GOOGL (Alphabet)

• Setup: First Dow print since inclusion, July 28 after close. $84.75B equity raise plus $10B Berkshire private placement remains the overhang investors are pricing.

TSLA (Tesla)

• Setup: Q2 earnings July 22 after close. Optimus Gen 3 supply chain target of 1,000 units per week by September announced this week, a fresh narrative alongside deliveries.

SKHY (SK Hynix ADR, external listing today)

• Debut: Priced at $149 per ADR, raising $26.5B, 7x oversubscribed. Trades TODAY under temporary ticker SKHYV on a when-issued basis. Permanent SKHY listing begins Monday, July 13.
• Structure: Ten ADRs equal one Seoul-listed common share. Company holds 56.4% of the global HBM market. NOT currently on the CoinDCX Global Futures ticker list.

Index Levels to Watch

Reference points for context, not entry or exit signals.

• Nasdaq Composite: support 26,000, resistance 26,400 and prior all-time high zone above.
• S&P 500: watching whether 7,543 close holds as a base into next week’s CPI. Next resistance 7,600.
• Dow Jones: still below the July 6 record 53,055.91 close. 52,900 is the immediate hurdle.
• Nasdaq 100 (NSDQ100): traded near 23,900. Breakout of Wednesday’s inside range keeps trend intact.
• DRAM (Roundhill Memory ETF): one of the cleanest ways to track the SK Hynix cross-read alongside MU and Samsung.
• XLE (Energy): Brent above $76 has already pushed the sector back into focus. Any Hormuz disruption is the swing factor.

Disclaimer

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