US Memory Stocks Hot Even in Bear Market... SK hynix ADR Surges 7%, Micron Technology, Inc. Rises 2.8%

[Financial News] Although the U.S. New York stock market plummeted across the board due to soaring oil prices and bond yields, semiconductor stocks are rising and heating up even in a bear market.
In particular, memory stocks demonstrated strength as SK hynix’s American Depositary Receipts (ADRs) surged more than 7% and Micron Technology, Inc. also rose nearly 3%.

On the 9th (local time), SK hynix ADRs closed at $198.63, surging 7.05% from the previous session. During the trading session, the stock rose to $199.87, coming close to $200.
This was in contrast to the S&P 500 index falling 0.48%, the NASDAQ Composite Index falling 0.64%, and the Dow Jones Industrial Average (DJIA) falling 0.77% on the same day.
SK hynix ADRs rose 4.83% on the previous trading day as well. The increase over the two days amounts to approximately 12.2%.
Micron Technology, Inc. also rose 2.75%. Expectations of increased demand for memory due to expanded investment in artificial intelligence (AI) data centers continued to stimulate buying interest in memory semiconductor stocks.
The Philadelphia Semiconductor Index (SOX) rose 0.37%.
This is due to growing expectations for increased AI investment and semiconductor demand as the performance of new AI models, such as Astra, has been confirmed. Semiconductor stocks and AI infrastructure-related stocks are showing continuous strength.
Stocks related to semiconductors and infrastructure for operating AI have heated up as expectations grow that new AI models will continue to require more computational power and memory.
Advanced Micro Devices, Inc. (AMD) also rose 3%, contributing to the strength of the semiconductor index.

The strength in memory stocks emerged amidst pressure on risk assets across the board due to soaring international oil prices and government bond yields.
Brent crude closed at $101.21 per barrel, surging 3.36%, and the yield on 10-year U.S. Treasuries rose to 4.857% during trading, reaching its highest level since November 2023.
Nevertheless, as optimism regarding demand for AI-related memory persisted, semiconductor stocks showed a differentiated trend from the overall market.
Meanwhile, the stock price of Facebook's parent company, Meta Platforms Inc., surged nearly 7% on Wall Street's favorable reviews of its new artificial intelligence (AI) agent, 'Muse Spark'.
On the 9th (local time), Meta Platforms Inc. closed at $653.69 on the New York Stock Exchange, up 6.55% from the previous close. Meta Platforms Inc. rose sharply even amidst the market downturn on this day.
What drove up the stock price was Wall Street's positive assessment of Muse Spark, the consumer AI agent newly unveiled by Meta Platforms Inc.
Mizuho Securities stated in a client report, "We view Meta Platforms Inc.'s consumer AI agent Muse Spark as the start of a new product cycle of significant scale that is not currently reflected in the stock price."
[email protected] Lee Seok-woo, International Specialist Reporter