TradingKey – SK Hynix’s US IPO was oversubscribed, fueling a sharp rally in its stock price, though a return to all-time highs by late July remains unlikely.

During Asian trading hours on July 9, shares of South Korean AI memory giant SK Hynix opened higher and continued to climb, surging over 8% intraday to a high of 2.269 million won before paring gains to 2,239,000 won, recouping some of yesterday’s losses. Yesterday, escalating tensions between the US and Iran sparked market panic, triggering a sharp sell-off in Korean equities, during which SK Hynix plummeted, nearly losing the 2 million won support level.

SK Hynix Stock Price Chart, Source: TradingView

SK Hynix staged an exceptionally strong rebound in early trading today, primarily…