Nasdaq Composite Treads Water While SK Hynix Makes a $26 Billion Splash

^DJI information by YCharts

The 3 indexes diverged importantly this week. From past Friday's adjacent to today's aboriginal afternoon, the Dow is down 0.6% portion the S&P 500 gained 1% and the Nasdaq Composite jumped 1.5% higher.

Meta's large day, SK Hynix's monolithic motorboat

The main lawsuit arrived astatine noon erstwhile South Korean institution SK Hynix began trading connected the Nasdaq.

The representation spot shaper priced its American Depositary Receipts astatine $149 each, opened astatine $170, and rapidly climbed to $175. That's a 17% pop, though retail investors seldom get entree to IPO pricing anyway.

SK Hynix supplies high-bandwidth representation chips to Nvidia (NASDAQ: NVDA) and different AI hardware makers, positioning it arsenic a nonstop rival to all-American rival Micron Technology (NASDAQ: MU). Micron shares fell 1.4% arsenic investors weighed the competitory implications. U.S. investors present person much than 1 pure-play enactment successful the memory-chip space.

Speaking of AI, Meta Platforms (NASDAQ: META) jumped 6% aft Bank of America (NYSE: BAC) flagged a pleasant astonishment buried successful an interior institution memo. Meta seemingly expects to physique retired AI computing capableness astatine astir fractional the outgo Wall Street had modeled. In-house hardware is an important portion of the cost-saving program. Meta is ramping up the accumulation of its ain customized AI chips with plan assistance from Broadcom (NASDAQ: AVGO) and manufacturing services by Taiwan Semiconductor Manufacturing (NYSE: TSM) aboriginal this year.

European regulators besides chose Friday to impeach Meta of utilizing "addictive design" connected Instagram and Facebook, but investors collectively shrugged. The AI fund ratio was Meta's biggest quality today.

China successfully landed a reusable rocket for the archetypal clip connected Friday, which didn't amended marketplace sentiment toward Space Exploration Technologies (NASDAQ: SPCX). The rocketry-and-AI banal dropped 2.3%, present sitting much than 25% beneath its June IPO peak.