S&P Nears Records. Hynix Debuts

Rundown · 2026-07-13

S&P +0.42% to 7,575.39 — ~40 pts from its June 2 ATH — capping a 4th winning week in 5; META +6% (best week since '24) + NVDA +4% led; SK Hynix soared 13% in the largest-ever foreign US debut.

Market Performance

• S&P 500: 7,575.39 (+0.42%) — ~40 pts below June 2 record; weekly +1%+
• Nasdaq: 26,281.61 (+0.29%) — weekly +1%+; AI/tech trade led all
• Dow: 52,637.01 (+0.29%) — but -0.5% on the week, snapping a 4-week win streak
• Russell 2000: 2,977.81 (-0.49%) — fell back below 3K; the week's laggard
• Sector leaders: Comm Services, Materials · Laggard: Healthcare (only sector red, profit-taking)
• 10Y yield: 4.56% — up 9 bps on the week (highest since May 22); DXY firmer
• WTI crude: $71.41 (-0.93%) — just below $72; +4% on the week on Iran flare-up
• Weekly sectors: Tech +3%, Energy +3.1% (both AI/oil-driven); Industrials +12.5% YTD

SK Hynix Debuts: Largest-Ever Foreign US Listing

• SK Hynix (SKHYV) opened $170 — +14% from its $149 ADR price; closed +13%
• Raised $26.5B — the largest-ever US market debut by a foreign company
• World's largest HBM maker + key NVDA supplier; switches to ticker SKHY Tuesday
• Some worry the new listing competes for funds with US memory names like MU
• The debut tested the AI-memory trade — buyers chased, MU held its ~200% YTD gain
• KOSPI +2.5% into the debut; the memory complex broadly firm

Meta's AI Re-Rating + Week Ahead: CPI, PPI, Banks

• META +6% — report of a custom silicon chip + BofA note on improving AI cost structure
• Meta's best week since early 2024 (+~15%) — AI-capex ROI narrative shifting bullish
• Week ahead: June CPI Tuesday, PPI Wednesday, retail sales Thursday, housing Friday
• Q2 earnings begin next week led by big banks; S&P consensus ~25% EPS growth
• Warsh congressional testimony Tuesday — monetary-policy hearings; hawkish-tilt watch
• Data backdrop: stable labor, resilient consumer, improving manufacturing

Notable Movers

• (VOD) +13% — French billionaire Xavier Niel (Iliad founder) bought a 16.2% stake (~$5.9B), now largest shareholder
• (META) +6% — Report the company is developing a custom silicon chip; BofA reiterated Buy
• (MRNA) -11% — FDA voted against recommending its mRNA flu vaccine mFLUSIVA for adults under 50

Private Dealmaking

• Prime Intellect (AI agent platform) — $130M
• Databento (finance data market) — $97M
• Leo Cancer Care (radiation therapy · UK) — $65M
• Kaon AI (personalized story worlds) — $60M
• InCharge Energy (distributed energy) — $46M
• Quartermaster (maritime awareness) — $43M

TLDR

• S&P +0.42% to 7,575.39 — ~40 pts from June 2 ATH; 4th winning week in 5 (+1%+)
• Nasdaq +0.29% (weekly +1%+); Dow -0.5% on week, snapping 4-week streak; Russell below 3K
• SK Hynix +13% in $26.5B debut — largest-ever foreign US listing; tests AI-memory trade
• META +6% on custom-chip report (best week since '24); NVDA +4% led the S&P
• 10Y 4.56% (+9 bps on week, highest since May 22); WTI $71.41 (+4% weekly)
• VOD +13% on Niel 16.2% stake; MRNA -11% on FDA flu-vaccine vote; CPI Tuesday

The Bottom Line

The AI trade is back in the driver's seat. S&P ~40 points from a record with META's best week since 2024 and NVDA +4% says last week's chip washout was fully bought — and SK Hynix's $26.5B debut proves the appetite for AI-memory exposure is still ravenous. But the Dow's weekly loss + Russell below 3K show the rally narrowed back to tech. The gauntlet next week is real: CPI Tuesday, PPI Wednesday, Warsh testimony Tuesday, and bank earnings all land at once — with the 10Y at a 7-week high, the inflation prints matter most.

_For informational purposes only. Not investment advice._