South Korean chip maker SK Hynix storms the Nasdaq

Good morning. Here’s what happened overnight and what you need to know today.

1.

Blockbuster debut: South Korea’s second-most valuable company, SK Hynix debuted at USD170 a share on the Nasdaq, jumping about 14% as US investors rushed to buy the computer memory maker. SK Hynix raised USD26.5 billion in the largest-ever US listing by a foreign company. The Korean-listed company offered a security called depositary receipts that let US investors buy shares without trading on an overseas exchange. The successful listing shows investors still have a strong appetite for AI-infrastructure, despite South Korea’s tech-heavy Kospi Index falling into a bear market this week. SK Group Chairman Chey Tae-won said the company was open to issuing more US shares if investors keep buying. “Once we have a better return, then there’s more demand. The first thing we have to do is keep the stock price stable, and then hopefully in the long run we can have the upside potential,” he told Bloomberg TV. The company plans to use its initial capital to expand production. It is a leader in high-bandwidth memory and hopes the US listing will bring its valuation closer to competitors like Samsung Electronics and Micron Technologies. (Bloomberg)(CNBC)(Reuters)

2.

Fighting talk: US President Donald Trump said peace negotiations with Iran can continue despite the ceasefire ending. On social media, Trump said the US had agreed to restart talks but had told Iran “in no uncertain terms, that the Cease Fire is OVER!”. The two sides have been exchanging missiles and airstrikes since Iran fired on three vessels in the Strait of Hormuz on Tuesday. Mediators from Pakistan and Qatar are pushing for de-escalation to prevent the interim peace deal from collapsing entirely, with one diplomat telling Axios both sides wanted to get back to the ceasefire. Brent crude oil prices fluctuated around USD76 a barrel on Friday night, with traders hopeful the talks could keep the Strait open. Meanwhile, Iran’s new Supreme Leader Mojtaba Khamenei may make his first public appearance since the war at a memorial ceremony for his slain father this weekend, and WSJ reported Israeli intelligence told Trump that Iran was planning a fresh assassination attempt, having vowed to kill him in 2020. (Bloomberg)(Axios)(Reuters)(ABC)(WSJ)