Nvidia shares rise over 3% after SK Hynix’s strong NASDAQ debut underscores demand for AI memory chips.
Nvidia shares climbed more than $7, or 3.48%, to $209.75 after SK Hynix’s NASDAQ debut reinforced confidence in the AI supply chain. SK Hynix, a key supplier of high-bandwidth memory chips for Nvidia’s AI processors, opened at $170 following its $150 ADR offering and traded near $174, up $24 on the session.
The stock had tested its 200-day moving average at $191.67 in late June and early July, with buyers defending the level on June 26 and July 7. After a brief dip below the average on June 26, the price recovered, establishing support. The rally later faced resistance near the 200-hour moving average at $205.22 before breaking through today.
SK Hynix’s strong debut highlights investor enthusiasm for AI infrastructure, benefiting Nvidia as a critical player in the sector. The move above $205.22 now positions that level as short-term support.