【US Pre-Market】Micron Rises Over 5% Leading Memory Chip Rebound, SK Hynix IPO Subscribed 7 Times Over to List Tomorrow

TradingKey - On July 9, Eastern Time, before the U.S. market open, the three major stock index futures showed mixed performance. As of press time, Nasdaq 100 Index futures rose 0.64%, S&P 500 Index futures gained 0.13%, and Dow Jones Index futures fell 0.16%.

[Source: CME Group]

In commodities, international oil prices edged up, with WTI crude oil futures trading at $73.93 per barrel and Brent crude oil futures at $78.52 per barrel. Gold and silver prices rebounded, with spot gold ( XAUUSD) reclaiming the $4,100 per ounce milestone to trade at around $4,107 per ounce; spot silver ( XAGUSD) was quoted at $58.99 per ounce, up 1.59%.

In the crypto market, as of press time, Bitcoin was trading around $62,780, and Ethereum was hovering near $1,745. The U.S. Dollar Index stood at 100.8.

Market Movement

The memory chip sector strengthened across the board in pre-market trading. Micron Technology ( MU ), Western Digital ( WDC) rose over 5%, SanDisk ( SNDK ), Seagate Technology ( STX) rose over 4%, and Intel ( INTC) rose nearly 5%. On the news front, SK Hynix's American Depositary Receipts (ADRs) were oversubscribed by more than 7 times and will officially debut on Nasdaq tomorrow, boosting sentiment across the entire memory sector.

The optical communications sector also performed strongly. Corning ( GLW ), Marvell Technology ( MRVL) rose over 5%, while Coherent ( COHR) and Lumentum ( LITE) rose over 4%.

Mega-cap tech stocks were mixed in pre-market trading. SpaceX ( SPCX) rose over 1%, Tesla ( TSLA) rose 0.3%, and NVIDIA ( NVDA) rose 0.74%. Meta ( META) fell 2.59%, while Apple ( AAPL) and Amazon ( AMZN) weakened slightly.

Market News

SK Hynix will debut on Nasdaq tomorrow, with its ADR oversubscribed by more than 7 times. South Korean memory chip giant SK Hynix will officially list and trade on the Nasdaq Global Select Market on Friday, July 10 (EST). This offering consists of 177.9 million American Depositary Receipts (ADRs), with each ADR representing one-tenth of a share of common stock. According to media reports, the ADR subscription rate has exceeded seven times, indicating extremely strong institutional demand. Renowned institutions such as Baillie Gifford, Coatue Management, and Situational Awareness Partners have expressed a total subscription interest of up to approximately $7 billion.

Apple reaches over $30 billion chip agreement with Broadcom. Apple announced that it has signed a multi-year partnership agreement with Broadcom ( AVGO) totaling over $30 billion to promote the domestic manufacturing of more than 15 billion chips in the United States. Broadcom will invest $1.5 billion to expand its manufacturing facility in Colorado. As of press time, Broadcom's pre-market share price rose 3.56%.

Meta plans to invest C$13 billion to build its first data center in Canada. Meta plans to build its first data center in Alberta, Canada, with an installed capacity of approximately 1 gigawatt. The construction period is expected to be two to three years, and upon completion, it will become Meta's largest data center outside the United States.

Fed June Meeting Minutes: AI investment listed as major inflation risk for the first time. The Federal Reserve released the minutes of its June monetary policy meeting, showing that investment in AI infrastructure, along with tariff policies and the situation in the Middle East, has become one of the primary sources of inflation. The minutes also showed that Fed officials are clearly divided over the subsequent path of interest rate hikes, with the split between officials who believe interest rates should be raised by the end of the year and those who advocate keeping rates unchanged close to fifty-fifty.

U.S.-Iran conflict flares up again, international oil prices remain high. Trump stated at the NATO summit that the U.S.-Iran ceasefire memorandum of understanding has ended, and the U.S. military has launched a new round of strikes against Iran; however, Trump subsequently claimed that the Iranian side is "very eager to reach a deal." Geopolitical uncertainties have kept oil prices high.

Upcoming Key Events

SK Hynix's debut on Nasdaq tomorrow is a core catalyst for the memory chip sector. The oversubscribed rate of over 7 times demonstrates global capital's endorsement of the HBM and AI memory narrative. Coupled with Apple's collaboration with Broadcom and Meta's increased investment in AI infrastructure at its Canadian data center, the semiconductor sector is seeing a window for sentiment recovery after previous sharp corrections. However, the Federal Reserve's meeting minutes show that AI investment has become one of the sources of inflation risk, and geopolitical conflicts continue to recur, meaning the sustainability of the market's short-term rebound remains to be seen.