SK hynix. Yonhap News
SK hynix (000660.KS) market capitalization has surpassed 1,000 trillion won ($710 billion). The stock price broke through 1.4 million won, making “1.4 million-nix” a reality. While the KOSPI index continues to set new intraday highs, SK hynix shares are up more than 9%.
According to the Korea Exchange on Tuesday, SK hynix was trading at 1,409,000 won as of 11:21 a.m., up 9.56% from the previous trading day. After closing at 1,286,000 won on April 30, the previous trading day, SK hynix opened at 1,339,000 won and expanded its gains to break through the 1.4 million won mark. This came just three trading days after the stock first crossed the 1.3 million won line on April 28.
SK hynix posted a record-high first-quarter operating profit of 37.6103 trillion won ($26.7 billion). With major U.S. Big Tech firms recently announcing expanded artificial intelligence (AI) infrastructure investments on the back of solid earnings, the chipmaker’s profit momentum is expected to continue. Major securities firms are rushing to raise their price targets. Daol Investment & Securities sharply raised its price target for SK hynix to 2.1 million won from 1.6 million won. Korea Investment & Securities and KB Securities presented targets of 2.05 million won and 2 million won, respectively.
The KOSPI currently stands at 6,859.62, up 260.75 points, or 3.95%, from the previous session. It climbed as high as 6,863.44 during intraday trading. This marks the first time the KOSPI has crossed the 6,800 level. After decisively breaking through 6,850 as well, the index has brought the 6,900 and 7,000 levels into view. On the session, most top market-cap stocks were trading higher, including Samsung Electronics (3.85%), SK Square (12.72%), Hyundai Motor (2.73%), LG Energy Solution (1.85%) and Hanwha Aerospace (3.25%).
