SK Hynix ADRs Surge More Than 7% After CoreWeave’s Strong Results
Summary
- SK Hynix’s U.S. American depositary receipts (ADRs) traded at $138.8350 in New York, up 7.08% from the previous close.
- CoreWeave said third-quarter revenue rose 168% from a year earlier, raised its full-year outlook, and saw its shares rise about 14% in premarket trading.
- Steve Sosnick said CoreWeave’s third-quarter results helped ease some concerns about the profitability of AI investment.
Forecast Trend Report by Period
SK Hynix’s American depositary receipts surged more than 7% in New York trading.
On Nov. 11, SK Hynix ADRs traded at $138.8350, up 7.08% from the previous close. The shares rose as much as 8.03% in premarket trading.
CoreWeave released its third-quarter results after the market closed on Nov. 10. Revenue jumped 168% from a year earlier, and the company raised its full-year outlook. CoreWeave shares gained about 14% in premarket trading.
Bernstein wrote in a report that CoreWeave delivered “just about the best quarter we could have expected.” The firm said performance metrics were good or very strong, financing concerns had eased and the company’s strategic moves were sound.
Steve Sosnick, chief market analyst at Interactive Brokers, said CoreWeave’s third-quarter results helped ease some concerns about the profitability of AI investment. He said the company had come to symbolize the market’s shift from viewing all AI spending as a good investment to more soberly assessing returns on the billions of dollars being poured into the sector. This earnings release helped ease some of those concerns.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul