SK Hynix ADR rises 3.6% on AI demand signals and activist stake
SK hynix Inc ADR shares rose 3.6% in premarket trading to $144.77, recovering prior losses after positive AI infrastructure updates eased investor concerns in the memory chip sector. Strong third-quarter results from SpaceX and a better-than-expected revenue forecast from Super Micro Computer provided fresh evidence of robust demand for AI server hardware and high-bandwidth memory chips. Activist investor Align Partners disclosed a 1.5% stake in SK Group, arguing the market undervalues its SK Hynix holdings, while reports emerged of an upgrade at SK Hynix's Dalian, China plant to produce NAND chips with 240 or more layers. The broader market offered support, with the Nasdaq up 0.6% and S&P 500 gaining 0.2%. Peers Micron and SanDisk also rose in premarket, reversing Tuesday's sector-wide decline. With Q3 results due late October and Wall Street maintaining a consensus Buy rating with an average price target of $253.22, investors are positioning ahead of the release.