US Stock Market Move | Storage chip concept stocks rose during the trading session Seagate Technology Holdings PLC (STX.US) up more than 3%

On Friday, shares of storage chip concept stocks rose in midday trading, with Seagate Technology Holdings PLC (STX.US) up more than 3%, SanDisk (SNDK.US) up more than 2%, and Western Digital Corporation (WDC.US) slightly up. South Korean storage chip giant SK Hynix started trading on Nasdaq. Nasdaq trading information shows that SK Hynix began trading on a "when-issued" basis with a temporary code of SKHYV. "When-issued" trading refers to the trading of a security that has not yet officially listed through signed buy-sell contracts. It is expected to be normal trading on July 13th, with the security code changing to SKHY. SK Hynix Chairman Choi Tae-young stated that after receiving good returns, they plan to expand the scale of American Depositary Receipt (ADR) issuance. Additionally, Choi Tae-young expressed openness to more investments, including establishing chip operations in the United States. Choi Tae-young stated that even if production capacity doubles in the next five years, customers still expect memory supply to remain insufficient. Previously, SK Hynix had set the issuance price of its American Depositary Receipts at $149 per share, with an overall fundraising size of approximately $26.5 billion, surpassing the $25 billion fundraising record set by Alibaba Group Holding Limited in 2014, becoming the largest foreign company IPO in the United States. The funds raised will be invested in SK Hynix's AI storage global capacity expansion. Bank of America Corp, Citigroup, Goldman Sachs Group, Inc., and JPMorgan served as joint lead underwriters for the public offering. According to related documents, each ADR corresponds to one-tenth of a share of SK Hynix's common stock listed on the Korean Stock Exchange, with this issuance representing 2.5% of SK Hynix's market value. It has been reported that the subscription demand for SK Hynix ADR has exceeded seven times. Subscription demand comes from various institutions, including global long-term funds, tech sector special funds, sovereign wealth funds, and Asian-themed global investors.