Wall Street climbs, oil slides as investors bet on AI growth over Middle East tensions
SPY•SK Hynix surges in U.S. debut
South Korean chipmaker SK Hynix hit U.S. markets Friday with a boom, as its U.S.-listed shares jumped 14% in their Nasdaq debut, after the firm raised about $26.5 billion, indicating strong investor appetite to gain exposure to the AI supply chain.
The blockbuster offering, which will finance new factories and equipment to meet surging AI chip demand, is set to be the world's second-biggest share sale after SpaceX's SPCX.O record-breaking IPO last month.
Wall Street ends higher as investors focus on AI
Stocks climbed and oil prices slipped somewhat as investors retained AI-related enthusiasm and shrugged off the ongoing dispute between the U.S. and Iran.
All three major U.S. indices ended the day higher Friday, with the Dow Jones Industrial Average .DJI rising 0.29%, the S&P 500 .SPX climbing 0.42%, and the Nasdaq Composite .IXIC gaining 0.29%.
