SK Hynix, Samsung Shares Surge as Global Chip Rally Resumes; Samsung Denies US Listing Plans

Shares of SK Hynix and Samsung Electronics surged on the Seoul stock exchange, riding a wave of optimism that swept through global semiconductor stocks after a cooler-than-expected US inflation reading eased fears of prolonged high interest rates. SK Hynix stock climbed more than 13% during afternoon trading, its sharpest single-day gain in over a month, while Samsung shares advanced roughly 8%.

The rally traces back to Tuesday's session on Wall Street, where Nvidia, Micron and Intel each rose more than 4% after the latest US Consumer Price Index showed inflation cooling to 3.5% year-over-year in June, below forecasts. Strong quarterly results from major US banks, including a record profit at JPMorgan Chase, added further momentum to the broader market, spilling over into chip stocks in Asia the following day.

The gains mark a turnaround after weeks of choppy trading, during which investors had grown uneasy about slowing growth in memory chip earnings and renewed geopolitical risk stemming from the escalation of the conflict between the United States and Iran.

Adding fuel to the rally, investment bank Barclays initiated coverage of SK Hynix's newly listed US shares with an 'Overweight' rating and a $330 price target, implying roughly 71% upside from Tuesday's closing price. Barclays analysts pointed to stronger-than-expected 2027 revenue projections, driven largely by pricing gains in high-bandwidth memory chips used in AI applications, as the key factor behind their bullish call.

SK Hynix debuted on Nasdaq last week in a landmark offering that raised $26.5 billion, surpassing Alibaba's $25 billion listing in 2014 to become the second-largest US share sale on record, trailing only SpaceX's $75 billion raise last month. Retail sentiment toward the stock on trading platforms has remained overwhelmingly bullish since its debut, even as some traders flagged caution about potential resistance levels.

The listing had fueled speculation that Samsung Electronics might follow with its own US share offering. However, Samsung issued a statement denying it is reviewing any plan to issue American Depositary Receipts, moving to quash the rumors even as its stock benefited from the broader sector-wide rebound.