Finance

South Korean memory chip giant SK Hynix raised $26.5 billion in a historic U.S. share sale, with its ADRs surging 13% on their first day of trading. The company intends to use the proceeds to significantly expand its high-bandwidth memory capacity to meet the soaring demand for AI-related infrastructure.

Meta Platforms emerged as a top performer among the Magnificent Seven, gaining 6% on Friday and extending its weekly climb to 15% following reports of internal AI chip production. Nvidia also saw a 4% increase, benefiting from a bullish analyst outlook that highlighted its relatively low valuation compared to other tech giants.

The 10-year Treasury yield held near 4.6% as investors processed signals from the Federal Reserve suggesting that further interest rate hikes may be necessary to combat inflation. This persistent high-yield environment has kept pressure on various borrowing costs, including mortgages and business loans.