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SK Hynix Raises $26.5B in Top Foreign Debut in US | The Asia Trade 7/10/2026

Watch on YouTube ↗  |  July 10, 2026 at 05:08  |  1:35:28  |  Bloomberg Markets
Speakers
Brendan Burke — Research Director, Futurum
Garfield Reynolds — Markets Reporter/Editor, Bloomberg
Alice French — Japan Equities Reporter, Bloomberg
Vasu Menon — Managing Director of Investment Strategy, OCBC
Melinda — Markets Correspondent, Bloomberg
Swati Pandey — South Asia Economics and Government Lead, Bloomberg
Camile — Australia NZ Equities Reporter, Bloomberg

Summary

SK Hynix's record $26.5B US ADR listing and Micron's boosted US investment fuel renewed AI optimism. Investors also monitor a tense but managed US-Iran conflict that has steadied oil prices. Japanese retailers Fast Retailing and Seven & i raise profit outlooks, while South Korean equities rebound as offering overhangs clear. Analysts are bullish on SK Hynix's AI memory leadership, see Korean stocks rallying, and recommend diversified global AI tech exposure.

  • SK Hynix prices its ADR at $149, raising $26.5B in the largest foreign US IPO ever, topping Alibaba.
  • Micron increases its US capital spending plan to $250B, sending its shares and chip indices higher.
  • US-Iran tensions remain in limbo after recent strikes, but oil pulls back from $80 as escalation appears managed.
  • South Korean equities are expected to surge after a week of heavy selling, driven by the clearing of SK Hynix's offering overhang and valuation appeal.
  • Japan's Fast Retailing and Seven & i raise full-year earnings guidance, supported by global growth and margin improvements.
  • OCBC strategist Vasu Menon advocates a multi-year AI investment strategy centered on US tech and diversified across South Korea, Japan, and China.
  • Chinese AI firms like DeepSeek and CXMT continue to push forward despite US chip curbs, with CXMT building a homegrown supplier network.
  • India and Australia sign a landmark uranium export deal and deepen defense cooperation amid Indo-Pacific security concerns.
Ideas
Garfield Reynolds Markets Reporter/Editor, Bloomberg 7:19
Korean shares set for strong technical rebound.
After a week of heavy selling driven by the SK Hynix offering overhang, Samsung earnings disappointment, and Iran-related geopolitical fears, South Korean equities are set to rebound sharply. The Hynix ADR pricing removes an overhang, and the easing of Middle East tensions and lower oil prices improve risk appetite. Foreign investors are no longer forced to sell Korean stocks due to concentration limits, and depressed valuations now present a compelling re-entry opportunity, likely triggering sharp upward moves and sidecar trading halts.
EWY MED
Brendan Burke Research Director, Futurum 12:47
SK Hynix dominates AI memory with US listing catalyst.
SK Hynix is a critical memory partner for AI, holding leadership in high-bandwidth memory (HBM) and advanced packaging. The US ADR listing allows the company to close its 'Korea discount' valuation gap, raise capital to expand fabrication capacity closer to US customers, and increase CapEx intensity. Meanwhile, competitors like China's CXMT lack access to EUV lithography and cannot compete in high-end HBM, giving SK Hynix a durable moat as AI memory demand surges through the next wave of agent ecosystems.
SK Hynix ADR 000660.KS HIGH
Alice French Japan Equities Reporter, Bloomberg 33:31
Japanese retailers attract AI rotation and earnings upgrades.
As the AI trade becomes overcrowded, Japanese retail stocks like Fast Retailing (Uniqlo) and Seven & i are positioned to attract rotation inflows. Fast Retailing is benefiting from international market share growth, robust sales in weather-hit Europe, and improved full-year profit guidance. Seven & i is seeing margin support from strong gasoline sales and potential restructuring catalysts. Additionally, a planned consumption tax cut in Japan could provide a sector-wide tailwind.
Seven & i Holdings Co., Ltd. 9983 MED
Vasu Menon Managing Director of Investment Strategy, OCBC 54:35
Stay long AI via diversified global tech exposure.
The AI sector is a multi-year secular growth theme with double-digit earnings potential and significant adoption runway (currently ~50% vs 90% for internet). Hyperscaler spending remains robust. The recommended strategy is to use US tech as the core AI allocation, while diversifying across South Korean, Japanese, and Chinese tech to capture regional AI momentum and spread volatility risk. Chinese tech, despite macro headwinds, presents opportunities as local AI models become globally competitive.
^NDX N225 KWEB HIGH
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This Bloomberg Markets video, published July 10, 2026, features Garfield Reynolds, Brendan Burke, Alice French, Vasu Menon discussing EWY, SK Hynix ADR, 000660.KS, Seven & i Holdings Co., Ltd., 9983, ^NDX, N225, KWEB. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Garfield Reynolds, Brendan Burke, Alice French, Vasu Menon  · Tickers: EWY, SK Hynix ADR, 000660.KS, Seven & i Holdings Co., Ltd., 9983, ^NDX, N225, KWEB