Core News Facts
On Friday, SK Hynix made history by raising $26.5 billion in the largest-ever U.S. IPO by a foreign company, with shares opening at $170, a 17% increase from the initial price of $149. The memory chip manufacturer will officially join the Nasdaq Composite on Monday, providing U.S. investors with an additional option in the memory chip sector, alongside competitors like Micron Technology, which saw a 1.4% drop in shares.
In tech developments, Meta Platforms gained 6% after Bank of America reported that the company expects to lower AI infrastructure costs significantly, potentially by half of Wall Street’s projections. The news comes amid regulatory scrutiny from European authorities regarding Meta’s design practices on social media platforms.
In the oil market, prices fell despite the Strait of Hormuz operating at just 13% of normal capacity, as U.S.-Iran talks continue. The United States Oil Fund was down 0.9% as President Trump confirmed ongoing negotiations even after a ceasefire was declared “over.”
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