Record-breaking AI chip debut
SK Hynix, the South Korean semiconductor giant, raised $26.5 billion in its US initial public offering on the Nasdaq, the largest-ever debut by a foreign company. The listing surpassed Alibaba's 2014 record and reflects surging demand for AI memory chips. Shares began trading Friday in what analysts call a bellwether for the AI hardware sector. Nvidia CEO Jensen Huang appeared alongside SK Hynix chairman Chey Tae-won at a celebratory event at the Nasdaq MarketSite.
Global economy faces sharp slowdown
The International Monetary Fund projected world output growth would fall to 3% for the year, dragged down by high commodity prices linked to the Iran conflict and persistent inflation. The IMF warned that further escalation in the Middle East could push growth below 2.5%. US employers added just 57,000 jobs in June, snapping a hiring hot streak, while the unemployment rate ticked down to 4.2%.
Trade deficit widens on record imports
The US trade deficit widened in May as imports of foreign goods, including pharmaceuticals and equipment for data centers, hit a record high. President Trump's tariff-heavy trade policies have created uncertainty for businesses, with the administration declining to renew the USMCA North American trade agreement, starting a 10-year clock to expiration.