On July 10, 2026, something that had been waiting for a long time on Wall Street finally happened: SK Hynix (SK Hynix) officially listed on NASDAQ with the code SKHY , raising a fundraising scale ofOn July 10, 2026, something that had been waiting for a long time on Wall Street finally happened: SK Hynix (SK Hynix) officially listed on NASDAQ with the code SKHY , raising a fundraising scale of
Learn/Market Insights/Market Performance/U.S. Stock Weekly Report | July 04–10:: SK Hynix Officially Debuts on Wall Street — Behind the Largest ADR in History, AI Memory Investment Logic Sees a Historic Shift
U.S. Stock Weekly Report | July 04–10:: SK Hynix Officially Debuts on Wall Street — Behind the Largest ADR in History, AI Memory Investment Logic Sees a Historic Shift
On July 10, 2026, something that had been waiting for a long time on Wall Street finally happened: SK Hynix (SK Hynix) officially listed on NASDAQ with the code SKHY , raising a fundraising scale of up to 28 billion dollars , breaking the record of the largest ADR in history.
At the same time, two non-unrelated events have landed synchronously this week: the Iran ceasefire agreement has broken down, and WTI crude oil has risen sharply in a single day; the June FOMC meeting notes of the Federal Reserve have been released, with a clear hawkish stance. The resonance of three macro signals makes this week the most worthwhile week to review at the beginning of the third quarter of 2026.
This article breaks down the most core investment logic of the US stock market this week from four main threads.
Main Line 1: SKHY goes public - for the first time, the global HBM supply chain source can be directly purchased
Who is SK Hynix? Why is it so important?
SK Hynix is the world's largest producer of HBM (High Bandwidth Memory), with a global market share of about 50-70% . The so-called HBM is a dedicated memory chip that drives the training and inference of contemporary AI large models - without HBM, NVIDIA's Blackwell GPU cannot work properly.
To put it more bluntly, SK Hynix is the memory supplier closest to the hardware bottom layer in the entire AI computing power industry chain.
Before SKHY went public, US stock investors could only choose the following indirect ways to layout the HBM track:
- Micron Technology (MU) : The US is the closest to HBM's listing target, but MU covers multiple categories such as general DRAM and NAND, and is not a pure HBM target
- NVIDIA (NVDA) : HBM's largest purchaser, but the valuation logic is AI computing power, not memory itself
- Related ETFs : Diversified holdings, difficult to focus accurately
SKHY's listing allows US stock investors to directly hold the world's top HBM stock for the first time. This is a structural change in the investment pattern of AI memory, rather than short-term speculation.
What does 28 billion dollars ADR mean?
SKHY's IPO raised 28 billion dollars, making it the largest ADR (American Depositary Shares) publication in US stock history. The previous record was held by Saudi Aramco and Alibaba.
There are several signals worth paying attention to behind the success of this record.
- Highly recognized by institutions : Cornerstone Investors (Anchor Investors) subscribed for more than 7 billion dollars, accounting for about 25% of the total fundraising, indicating that top institutional investors have high confidence in SKHY's long-term value by exchanging lock-up periods for priority quotas.
- AI memory supply and demand fundamentals are solid : Unlike many IPOs supported by stories, SK Hynix is a traditional manufacturing company with real profits, clear Competitive Edge, and clear order visibility. NVIDIA Blackwell's HBM supply contract has been locked until 2027.
- An indicator of confidence in the global wave of AI infrastructure investment : The success of a semiconductor memory company going public at 28 billion dollars ADR is itself a vote for continued high growth in AI capital expenditures.
Which one is more worth paying attention to, SKHY or MU?
This is the most common question in the SKHY market after listing. The answer is: the two are not mutual exclusion, nor are they zero-sum competition .
Contrast dimension | SKHY (SK Hynix) | MU (Micron Technology) |
HBM Core Degree | Global HBM market share 50-70%, pure HBM leader | Also produces HBM, but also covers general DRAM and NAND. |
Attributes of investment targets | Direct core beneficiaries of AI memory super cycle | US stock proxy targets for AI memory |
2026 Production Capacity Status | HBM capacity has been locked, and order visibility is extremely high | HBM's full-year production capacity in 2026 has been fully sold out |
Downstream customers | NVIDIA Blackwell's largest HBM supplier | One of the main memory suppliers of AI Data center |
Risk points | ADR newly listed, liquidity to be observed | The fundamentals are more diverse, but HBM's main line is not as pure as SKHY's |
Simple conclusion: If you want to bet directly on the HBM super cycle, SKHY is more direct; if you want a more diverse storage sector layout, MU is still valuable . The two can coexist and serve different positioning configuration strategies.
Main line 2: NVIDIA - Valuation reset window, where does the word "undervalued" come from?
What does Goldman Sachs' 21.7 times PE mean?
Goldman Sachs released a research report this week, pointing out that NVIDIA's current Forward Price-To-Earnings Ratio (Forward P/E) is about 21.7 times , while NVDA's historical average Forward P/E over the past five years is about 72 times .
This means that, measured by historical valuation standards, Nvidia is currently in a rare undervalued range.
Why is NVIDIA's PE so low?
There are several reasons behind this.
① Profit expectations have been significantly raised : Blackwell GPU shipments continue to accelerate, Data center revenue has reached a historic high, and the denominator (expected revenue) has increased significantly, resulting in a relatively compressed PE.
② Market concerns have not dissipated : There are rumors that the next generation product Kyber NVL144 is at risk of being delayed until 2028. NVDA officially denied this rumor this week, but the uncertainty premium in the market has not been completely eliminated.
③ Macro interest rate environment suppresses valuation : The hawkish stance of the Federal Reserve in June minutes and the expectation of maintaining high interest rates have suppressed the overall revaluation space of high-valuation technology stocks.
What exactly is Kyber NVL144? Why are delay rumors so sensitive?
Kyber NVL144 is the code name for NVIDIA's next-generation flagship AI training GPU, which is regarded as the core product line after Blackwell. If delayed, it will affect the shipment forecast of NVDA in 2028.
This week, NVDA management explicitly denied the delay rumors. Combined with the reality that Blackwell's shipments continue to accelerate, some analysts believe: At this time, the 21.7 times PE may be a rare cost-effective entry window in recent years .
Main thread three: Iran ceasefire breakdown + Fed hawkishness - two signals resonate, energy and interest rate narratives return synchronously
Why did oil prices suddenly rise sharply this week?
On Wednesday (July 9), the Iran ceasefire agreement broke down, the geopolitical Risk Premium reignited, and WTI crude oil rose sharply in a single day.
The relationship between crude oil prices and geopolitics is textbook: rising uncertainty in the Middle East → market concerns about supply disruptions → rising oil prices → energy companies benefit → energy blue chips such as XOM and CVX directly benefit.
But this week's peculiarity is that the rise in oil prices and the hawkish minutes of the Federal Reserve landed on the same day .
What does it mean when two signals resonate?
The June FOMC meeting notes of the Federal Reserve were released at the same time, indicating that officials remain vigilant about the stubbornness of inflation and have a relatively clear stance on maintaining high interest rates.
Signal | Direction | Impact |
Iran ceasefire ruptures + oil prices rise | Inflationary upward pressure | The Fed's interest rate cut space narrows |
Fed hawkish minutes | High interest rates maintain expectations | Growth stock valuations are under pressure |
Both resonate | Double tightening expectations strengthen | The probability of FOMC maintaining high interest rates in July has increased |
This means that the part of the market that had been expecting a rate cut from the FOMC in July has started to reprice this week. The FOMC meeting on July 28-29 will be the most important macro node in the third quarter .
Why is XOM positioned as "offensive and defensive"?
ExxonMobil (XOM) is the largest blue chip in the US energy sector.
- Attack : The rise in oil prices directly drives revenue, the higher the Geopolitical Risk Premium, the more direct the benefits
- Hold : Even if oil prices fall, XOM's dividends, asset quality, and cash flow remain stable, and the decline is usually smaller than that of high-volatility assets
If the situation in Iran cools down rapidly, the Downside Risk of XOM is limited; if the situation persists, XOM is the most direct beneficiary of the upward energy. This is exactly the meaning of "offensive and defensive".
Main Line 4: Key Calendar for Next Week - The Week with the Most Intensive Pricing in the Third Quarter is Coming
Next week (July 14-18) is the most intensive period of macro and fundamental signals in the third quarter. Each Data Point directly affects the subsequent trend of US stocks.
Date | Event | Core point |
July 14 (Tuesday) | US June CPI | The most critical inflation input before the FOMC. If the data cools down, interest rate expectations will rise, and growth stock valuations will reopen; if it exceeds expectations, the hawkish stance will be further strengthened |
July 15 (Wednesday) | Federal Reserve Beige Book | Summary of economic conditions in various regions. Focus on whether the impact of oil prices has been transmitted to the consumer side, and the hawk-dove signal is forward-looking |
From July 15th | Q2 financial report season opens | JPMorgan Chase, Goldman Sachs, and Morgan Stanley were the first to disclose. Bank stocks are a leading macro indicator and an important reference for judging consumer resilience |
July 16 (Thursday) | US June retail sales | Consumer resilience verification. If it is strong + CPI is high, the soft landing narrative is challenged; both are mild, and the interest rate cut window reopens |
July 28-29 | Next FOMC meeting | The most important macro node of this season. This week's CPI + retail sales + oil price trend will directly determine the interest rate stance of this decision |
Why is the Q2 financial report season particularly critical?
Q2 is the time window for AI capital expenditure to "see the truth".
Over the past four quarters, the market's patience with AI investment has been based on the premise that large-scale AI capital expenditures will eventually translate into real revenue growth. The Q2 financial report season will provide the first batch of convincing data.
- The net interest income of bank stocks reflects the resilience of macro consumption
- Data center capex of tech giants is proportional to AI revenue
- SK Hynix SKHY's first quarterly financial report will directly verify the authenticity of HBM demand growth
Main Line 5: Review of the performance of core targets this week
Target | Plate | Increase this week | Increase this year | Core logic |
SKHY SK Hynix | HBM memory | IPO debut | — | Largest ADR in history; Global HBM market share 50-70%; NVIDIA Blackwell's largest HBM supplier |
MU Micron Technology | Storage/HBM | -11% | +251% | HBM's full-year production capacity for 2026 has been sold out; SKHY's listing triggers a repricing of the AI memory track |
NVDA NVIDIA | AI computing power | +5.5% | +7% | Goldman Sachs points to a PE ratio of 21.7 times, far below the historical average of 72 times; Kyber delay rumors denied; Blackwell continues to accelerate |
AMD Microelectronics | AI computing power | +5% | +150% | Q1 Data center revenue 5.80 billion dollars + 57% YoY; OpenAI five-year MI450 supply agreement |
XOM ExxonMobil | Energy | +0.7% | +13.6% | Iran ceasefire broke down, WTI oil prices rose sharply; the largest energy blue chip in the US stock market directly benefited from Geopolitical Risk Premium |
Frequently Asked Questions FAQ
Q1: SKHY is listed, is MU still worth holding?
Worth it. The two are not zero-sum competition - SKHY's HBM is purer, while MU covers both general DRAM and NAND, with different customer structures. The listing of SK Hynix further confirms the narrative of HBM's super cycle, and MU's position as a proxy target for HBM in the US stock market has also been reaffirmed. The -11% pullback of MU this week is a short-term fund reallocation brought by SKHY's listing, rather than a fundamental change.
Q2: SKHY is ADR, what is the difference between it and ordinary US stocks?
ADR (American Depositary Receipt, American Depositary Shares) is a mechanism for listing non-US Listed Company stocks on the US exchange in the form of depositary receipts. Investors can buy and sell SKHY just like buying regular US stocks without opening an overseas account or currency exchange. The main points to note are: ① There is exchange rate risk (Korean Won/US dollar); ② Some ADRs have depositary fees; ③ Liquidity may be lower than that of large-cap stocks in the early stage.
Q3: Is NVIDIA's 21.7 times PE really "undervalued"?
From a historical relative valuation perspective, yes. The average Forward P/E ratio of NVDA over the past five years is 72 times, and 21.7 times is in a historically low range. However, the reason behind the undervaluation needs to be understood: Blackwell's accelerated shipments have led to a significant increase in the denominator (expected earnings), rather than a significant drop in the numerator (stock price). This means that valuation compression is profit-driven and belongs to a healthy revaluation, rather than a valuation bubble bursting.
Q4: If the situation in Iran eases rapidly, what will happen to oil prices? Which sectors will be affected?
If the situation in Iran cools down rapidly: ① WTI oil prices may fall, and energy stocks such as XOM will be under short-term pressure; ② Inflation expectations will decline, and the Fed's interest rate cut space will reopen, benefiting growth stocks (NVDA, AMD); ③ The overall market risk appetite will increase. This is also the logic of XOM's "offensive and defensive" strategy: benefiting from rising oil prices, but if the situation eases, the overall market rise brought by the rebound of growth stocks will also be beneficial to portfolio returns.
What is the most likely conclusion of the FOMC in July?
According to the comprehensive judgment of this week's signals: the probability of maintaining high interest rates has increased significantly. Core basis: ① The hawkish position of the Federal Reserve in June is clear; ② The rise in Iranian oil prices further pushes up inflation expectations. If the CPI (7/14) and retail sales (7/16) data next week are strong, the possibility of a rate cut by the FOMC in July is basically zero, but if the two data cool down synchronously, the market will quickly re-price the expectation of a rate cut. The CPI on July 14th is the most critical single Data Point of this quarter.
Q6: Why is it so important for bank stocks to start the Q2 financial report season?
Bank stocks (JPMorgan, Goldman Sachs, Morgan Stanley) are usually the "vanguard" of the Q2 financial report season. Their importance is reflected in: ① Net interest income directly reflects the profitability of banks in a high interest rate environment, which is a leading indicator of macro health; ② The activity level of investment banking business (IPO, mergers and acquisitions) reflects corporate confidence; ③ Provisions for loan losses are the most direct market judgment of economic soft landing or hard landing. Strong financial reports of bank stocks are an important endorsement of overall market confidence.
Disclaimer: This content is based on open market information as of July 10, 2026, independently compiled by the MEXC US stock spot team, for reference only, and does not constitute investment advice. The market is risky, and investment needs to be cautious.
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