Key Takeaways
- SK Hynix (SKHY) raised $26.5 billion in a record-breaking Nasdaq listing, with Chairman Chey Tae-won signaling openness to building semiconductor plants on U.S. soil following pressure from the Trump administration.
- Emerging markets experienced a massive $46.1 billion equity exodus in June, led by record withdrawals of $30.5 billion from South Korean stocks—the highest in 26 years.
- Delta Air Lines (DAL) expects to receive $9 billion from its American Express (AXP) partnership this year as premium cardholder spending continues to grow at double-digit rates.
- Meta Platforms (META) shares surged over 7% to session highs following reports of significant cost efficiencies in its AI infrastructure and the upcoming production of its custom "Iris" AI chip.
- The 21st Century ROAD to Housing Act is set to become law without President Trump’s signature, as he opted not to sign the bill in protest of stalled voter ID legislation.
SK Hynix Makes Historic Nasdaq Debut
South Korean chip giant SK Hynix (SKHY) successfully executed a $26.5 billion listing on the Nasdaq on Friday, marking the largest-ever U.S. debut by a foreign company. Following the bell-ringing ceremony, SK Group Chairman Chey Tae-won stated the company is "open to more investments" in the United States, including the potential construction of memory chip fabrication plants. These comments follow public calls from U.S. officials for Korean firms to bolster domestic manufacturing to secure the global AI supply chain.
Record Capital Flight from Emerging Markets
Data from the Institute of International Finance (IIF) revealed a staggering $46.1 billion retreat from emerging market equities in June. South Korea bore the brunt of this shift, with non-resident investors withdrawing $30.5 billion, the largest single-month outflow in over two decades. The IIF attributed this "equity exodus" to a combination of hawkish Federal Reserve policies under new leadership and increased volatility in the energy sector, which has tightened global dollar liquidity.
Delta and Meta Lead Corporate Momentum
Delta Air Lines (DAL) CEO Ed Bastian reported robust demand, particularly among premium travelers, projecting $9 billion in remuneration from American Express (AXP) for 2026. The airline has seen seven consecutive quarters of double-digit growth in co-branded credit card expenditures. Meanwhile, Meta Platforms (META) saw its stock climb 7.3% as analysts at BofA Securities highlighted that the company's AI infrastructure costs—estimated at $22 billion per gigawatt—are significantly lower than previous Wall Street projections.
Legislative Developments in U.S. and Germany
In Washington, the 21st Century ROAD to Housing Act—a bipartisan effort to address housing affordability—will become law at midnight Friday despite President Trump’s refusal to sign it. The President is allowing the measure to pass without his signature to protest the Senate's failure to approve the SAVE America Act. Separately, in Europe, Germany’s Bundesrat approved a major healthcare reform bill aimed at saving €16.3 billion ($18.6 billion), clearing the final legislative hurdle for Chancellor Friedrich Merz’s economic revitalization package.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.