US Stock Market Move | Memory concept stocks rise broadly; SK Hynix (SKHY.US) gains over 2%.

On Tuesday, the three major US stock indices opened higher collectively, with memory concept stocks rising broadly. SK Hynix (SKHY.US) gained over 2%, while SanDisk (SNDK.US), Micron Technology, Inc. (MU.US), and Seagate Technology Holdings PLC (STX.US) rose over 1%, and Western Digital Corporation (WDC.US) edged slightly higher. On the news front, reports said SK Hynix and Samsung Electronics are in talks with Alibaba Group Holding Limited Sponsored ADR and Tencent to supply more dynamic random access memory (DRAM) to these two Chinese tech companies over a 10-year period, with the agreement extending through 2035. RBC Capital Markets expects SK Hynix, which will report earnings after the market close, to post third-quarter results slightly above market consensus, with revenue projected at KRW101.2 trillion and adjusted earnings per American Depositary Receipt (ADR) of KRW8,917 (about US$6.72). Strong pricing power is expected to offset currency headwinds: third-quarter DRAM contract prices rose 20% quarter over quarter and may rise another 15% in the fourth quarter. RBC believes the DRAM upcycle, already in its 14th quarter, will last another five quarters, with tight supply expected to persist until 2027.