SK Hynix Inc.’s 12-layer HBM3E memory chip, front, and LPDDR5X CAMM2 memory modules were deployed at the company’s offices in Seongnam, South Korea, Tuesday, April 22, 2025.
Cho Sung Joon | Bloomberg | Getty Images
Hello, my name is Leonie Kidd and I’m from London. Welcome to today’s Daily Open Newsletter.
The $1 trillion club has grown even larger as more companies move into mega-market cap territory thanks to AI-powered stock price gains.
The race to scale continues at a ferocious pace, keeping technology-focused indices around the world at record levels.
This is one of the first days that Iranian developments are not dominating international markets, but this is not far from investors’ minds as the fragile ceasefire continues to be tested.
What you need to know today
share in SK Hynix It soared on Wednesday, pushing the South Korean chipmaker’s market capitalization above $1 trillion for the first time. The move follows a ferocious rally in the stock price, which has soared about 250% since the beginning of the year. South Korea’s KOPSI hit a record high, fueled by a surge in demand for AI chips.
And it’s not the only company to join the $1 trillion club in the past 24 hours. US tech company Micron is also riding the AI wave. On Tuesday, UBS tripled its price target, sending the stock up 19% on the day. Here you can find Jim Cramer’s thoughts on the top nine trillion dollar companies based in the United States.
Beyond technology, China’s industrial profits rose 24.7% in April, the highest growth rate since November 2023. In computing and electronics manufacturing, profits nearly doubled from a year ago.
A study published by the European Union Chamber of Commerce and Industry found that European companies are focusing on supply chains in China, with one-third of respondents setting up further domestic operations in China.
Meanwhile, Francois Villeroy de Galhaud, head of the ECB’s policy committee, told CNBC that the central bank “will do what is necessary” to keep inflation on target.
“When I speak on behalf of the ECB, it means we will do what is necessary to get inflation back to 2% in the medium term. Markets can be confident of that,” he told CNBC.
In corporate news, shares in Italian luxury car giant Ferrari closed in the red as investors took a cynical view of the group’s long-awaited electric car launch. Luce faced widespread disappointment with its appearance and skepticism over its $640,000 price tag.
BP also ended in the red on Tuesday after its board fired chairman Albert Manifold, citing “serious” conduct concerns. “We cannot allow false reporting to continue,” he told the Financial Times.
Broader stock markets hit record highs in Japan and South Korea as markets weighed progress in ceasefire negotiations between the United States and Iran and new tensions in the region. U.S. stock futures were little changed after the S&P 500 closed at a new record on Tuesday. In Europe, stock prices are heading for a mixed development.
— Leonie Kidd
