![](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/07\/GettyImages-2244268195.jpg?w=2048\")
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South Korean chipmaker SK Hynix isn\u2019t one of the Magnificent 7 stocks but is in a class of its own after pulling off a stunning rally on the back of the AI boom, and it\u2019s about to land on U.S. markets, Fortune\u2019s Jason Ma reports.\u00a0<\/p>\n
The offering will be a crucial test of investors\u2019 desire to keep funding the AI boom. Shares will list on the Nasdaq and are expected to start trading on Friday, raising about $29 billion in what could be the biggest-ever first-time share sale by a foreign company. That\u2019s after SK Hynix\u2019s Korea-listed stock has shot up 770% over the last 12 months, even after a 20% selloff from a peak in June.<\/p>\n
The surge even outpaces Micron Technology\u2019s 700% rally over the same time, with makers of memory chips emerging as critical enablers of AI agents. And SK Hynix is the top supplier of high-bandwidth memory after becoming Nvidia\u2019s favorite provider.<\/p>\n
South Korean stocks have been on a wild ride this year, with the main exchange, the KOSPI, up 87% year-to-date. That\u2019s because SK Hynix is heavily overrepresented within the KOSPI market cap. Samsung and SK Hynix alone represent about half the entire index.\u00a0<\/p>\n
\u201cSamsung and SK Hynix helped the KOSPI triple over the past year after 17 years of doing nothing, even if some air has escaped from the balloon in recent days. Their combined market cap is still around 16 times that of the third largest company in the index,\u201d Deutsche Bank said in a chartbook published July 3.<\/p>\n<\/p>\n
THE MARKETSStocks idle in the summer lull<\/p>\n
S&P 500 futures were up 0.44% this morning. The index closed flat on Friday.
\nIn Europe, the Stoxx 600 was flat in early trading, and the U.K.\u2019s FTSE 100 was up 0.26% before lunch.
\nAsia: South Korea\u2019s KOSPI was down 0.46%. Japan\u2019s Nikkei 225 was flat. India\u2019s Nifty 50 was up 0.56%. China\u2019s CSI 300 was flat.
\nBrent crude was $71 per barrel this morning, up slightly from $70 at the end of last week.
\nBitcoin declined to $62.8K.<\/p>\n
QUOTE OF THE DAY<\/p>\n
\u201cMy team sends emails. We have an intranet. I will write white papers for the team. No one reads any of it. No one watches any of this until I put it on LinkedIn.\u201d\u2014LinkedIn Editor-in-Chief Daniel Roth on why CEOs end up being forced to use social media eventually.<\/p>\n
AIN’T GONNA WORK ON MAGGIE’S FARM NO MOREFewer and fewer Americans actually want jobs<\/p>\n
There\u2019s an ugly new phenomenon in the U.S. labor market\u2014the increasing number of Americans who have dropped out of the workforce and don\u2019t want to get back in. One reason U.S. unemployment has stayed low at 4.2% is that hundreds of thousands of people have dropped out of the workforce altogether. The \u201cunemployment\u201d category only counts people without jobs who are also actively looking for work.<\/p>\n
This chart from Pantheon Macroeconomics shows how the labor force participation rate has declined over time, to 61.5%:<\/p>\n<\/p>\n
Pantheon\u2019s Samuel Tombs thinks the drop is so sharp that it must be statistical noise. Maybe stock market gains are prompting workers near retirement to cash in early, he said in a note. And, \u201cIt\u2019s possible that the dearth of job openings is prompting many people toward the start of their careers to defer looking for work. But we think the more likely explanation is that this drop is just sampling noise, and that it reverses in July\u2019s report.\u201d<\/p>\n
But that doesn\u2019t explain the dropout rate noticed by Jeffrey Roach, chief economist for LPL Financial. More people are moving from officially \u201cunemployed\u201d (i.e. they don\u2019t have a job but are looking for one) to \u201cnot in the labor force\u201d (meaning they\u2019ve dropped out of the market altogether). Similarly, there\u2019s a flow of people who had jobs who go directly into \u201cnot in the labor force\u201d category.<\/p>\n
\u201cThis suggests the job market is cooling down,\u201d Roach said in an email to Fortune.<\/p>\n<\/p>\n
MORE FROM FORTUNE<\/p>\n
Gen Z was \u2018jaded about employment before we ever entered the workforce\u2019\u2014now psychologists say the stare has hardened into something worse – Nick Lichtenberg<\/p>\n
The stock market is about to suffer a \u2018snapback\u2019 and will lose much of this year\u2019s gains as \u2018speculation is hitting extreme levels,\u2019 BofA warns – Jason Ma<\/p>\n
Investment firm\u2019s cofounder sues after being fired for neglecting the in-person work mandate he signed, saying it applies to employees not owners – Jason Ma<\/p>\n
Shark Tank\u2019s Kevin O\u2019Leary says if he were 25 today, he\u2019d chase these two booming opportunities in the world of AI – Marco Quiroz-Gutierrez<\/p>\n
Mark Zuckerberg takes business calls on a jet ski wearing his $800 Meta glasses\u2014and insists \u2018the other person could not tell\u2019 – Sydney Lake<\/p>\n
How Hollywood\u2019s youngest filmmakers are exposing Gen Z\u2019s real problem with AI – Reid Litman<\/p>\n
Despite return-to-office-crackdowns, remote work is alive and well as the rate has barely changed over the last two years – Marco Quiroz-Gutierrez<\/p>\n
IPO-NO!AI companies can\u2019t hold the line on token prices<\/p>\n
OpenAI and Anthropic are struggling to maintain the price of AI tokens\u2014the basic units of compute that they offer to clients. The Silicon Data LLM Token Expenditure Index, which tracks token prices, is down 20% since May. That\u2019s an indicator that clients are unwilling to pay ever-increasing prices.<\/p>\n
Increasingly, companies are refusing to pay for the top-ranked, most expensive models, forcing their employees to use more basic AI products instead. Others are putting caps on how many tokens their staff can use, 404 Media reports.<\/p>\n
Citi has banned its staff from the most up-to-date models of Claude and ChatGPT. Adobe and Atlassian have ended unlimited use too, 404M says.<\/p>\n
CHART OF THE DAY\u201cThe Spotify effect\u201d: how the internet quietly cools inflation<\/p>\n
Online business makes everything easier and faster, and that has a noticeable effect on inflation, according to Richard Lung and his team at Visa. \u201cIt constrains inflation by making online markets more contestable, which reduces customer stickiness and makes it harder for firms to pass higher costs through in full,\u201d he said in his recent midyear outlook.<\/p>\n
This chart shows \u201cthe Spotify effect\u201d\u2014the idea that countries with a high share of transactions conducted online tend to have lower inflation.<\/p>\n
NUMBER OF THE DAY41%\u00a0<\/p>\n
The percentage of AI-using daters who have used AI to write \u201cDear John\u201d letters when they are dumping someone, according to a survey from Wingmate, an AI life coaching platform.<\/p>\n
THE FRONT PAGES TODAY<\/p>\n
Son remakes SoftBank in his own image – FT<\/p>\n
EasyJet shares soar 10% as budget airline agrees $7.3 billion Castlelake takeover – CNBC<\/p>\n
Trump called FIFA’s Infantino over Balogun suspension – Axios<\/p>\n
Trump Heads to NATO Summit to Meet Zelenskyy, Face Wary Allies – Bloomberg<\/p>\n
Wikipedia Is Battling for the Soul of the Internet – NYT<\/p>\n
ONE MORE THINGDo androids dream of electric grass?<\/p>\n
It was one small step for a robot, but a giant leap for robotkind. At halftime in New Jersey during Sunday\u2019s Brazil v Norway match in the World Cup (Norway won 2-1), a Boston Dynamics\/Hyundai robot named Atlas handed the match ball to the referee. While the stunt looked simple enough, it in fact demonstrated a huge amount of processing and logistical power. The trick wasn\u2019t programmed. Rather, Atlas learned how to navigate the conditions around it, Alberto Rodriguez, Boston Dynamics\u2019 director of robot behavior, told Fortune\u2019s Catherina Gioino.\u00a0<\/p>\n
Part of the robot\u2019s training was to handle situations in which its handlers have deliberately deceived it. \u201cWe keep pushing it around, or lying to it about where the ball is, or putting obstacles on the ground, or changing the friction with the ground,\u201d Rodriguez said.\u00a0<\/p>\n
\u201cGrass has that interesting property where sometimes you slip, but sometimes your feet can get caught on it,\u201d Rodriguez said.\u00a0<\/p>\n
The result is what Rodriguez calls \u201cmuscle memory,\u201d a first for robot behavior. [Photo via Hyundai.]<\/p>\n
#Hynix #billion #stock #offer #live #week #test #investor #appetite #stocks<\/p>\n","protected":false},"excerpt":{"rendered":"
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